RusBankrot
We know everything about bankruptcy
16/04/2024
Tuesday
THIS DAY IN HISTORY:
16 April 
1970 A visa-free regime between Russia and Turkey entered into force
1970 A visa-free regime between Russia and Turkey went into effect
1970 Berlin became the capital of Germany
1970 Berlin became the capital of Germany
1970 Coronation of the Russian Emperor Paul I
1970 Coronation of the Russian Emperor Paul I
16 April
1970 A visa-free regime between Russia and Turkey entered into force
1970 A visa-free regime between Russia and Turkey went into effect
1970 Berlin became the capital of Germany
1970 Berlin became the capital of Germany
1970 Coronation of the Russian Emperor Paul I
1970 Coronation of the Russian Emperor Paul I
Thai AirAsia X files for bankruptcy
Operating without passenger flights for more than two years, Thai AirAsia X (TAAX) has filed for bankruptcy protection. The case was accepted by the Thai Bankruptcy Court on May 18, 2022.
TAAX became the third Thai air carrier to file for bankruptcy. Prior to this, during the pandemic, Thai Airways and Nok Air resorted to the proceedings. According to the head of the company, Tassapon Bijleveld, it was difficult to raise the funds necessary for the company’s rehabilitation being under the debt pressure. However, the developed business rehabilitation plan, according to the company's management, will support the business over the long term.
The airline has been considering bankruptcy protection for a long time. But since the whole air fleet has not operated any international flights for more than two years, it was pointless to start the recovery process earlier.
According to the director of TAAX, in the current situation, when many countries lift the border restrictions on flights that have been introduced before, the company will be able to implement a recovery program.
The company says TAAX will continue to operate during the bankruptcy period. In particular, it is planned to operate flights to Japan and South Korea booked for June. The staff of the organization, which includes more than 1000 people, will not suffer either. Management hopes that the rehabilitation process will be completed within 8-12 months.
TAAX became the third Thai air carrier to file for bankruptcy. Prior to this, during the pandemic, Thai Airways and Nok Air resorted to the proceedings. According to the head of the company, Tassapon Bijleveld, it was difficult to raise the funds necessary for the company’s rehabilitation being under the debt pressure. However, the developed business rehabilitation plan, according to the company's management, will support the business over the long term.
The airline has been considering bankruptcy protection for a long time. But since the whole air fleet has not operated any international flights for more than two years, it was pointless to start the recovery process earlier.
According to the director of TAAX, in the current situation, when many countries lift the border restrictions on flights that have been introduced before, the company will be able to implement a recovery program.
This will expand the number of flights and re-energize the business.
TAAX is a joint venture of Malaysian AirAsia X and Thai AirAsia. Management, which is also a shareholder of the company, said the carrier had 12 wide-body aircraft prior to the pandemic. However, in order to reduce operating costs during the pandemic, the organization was forced to reduce the number of liners to eight.The company says TAAX will continue to operate during the bankruptcy period. In particular, it is planned to operate flights to Japan and South Korea booked for June. The staff of the organization, which includes more than 1000 people, will not suffer either. Management hopes that the rehabilitation process will be completed within 8-12 months.
23.05.2022
