Struggling flag carrier Thai Airways International will slash its workforce by 5,000 and cut routes in a bid to recoup losses amounting to Bt9 billion in 2014. – Wikipedia pic, January 28, 2015.Struggling flag carrier Thai Airways International will undergo a restructuring plan, including a reduction of the airline's staffing by 5,000 and cancellation of its non-performing routes.Thailand’s English language news portal The Nation reported today that the military-led government has approved the plan, making it one of the major state companies to undergo reforms after the army seized power from an elected government in a May coup.The Nation said the rehabilitation plan would see its workforce slashed from 25,000 to 20,000.It added that routes to Madrid, Moscow and Los Angeles would likely be axed in the second quarter of this year.News agency Reuters said on Monday the restructuring comes amid speculation that Thai Airways, 51% owned by the Finance Ministry, faced financial problems after its debt soared amid high operating costs and the purchase of new aircraft.It said under the two-year plan, the airline would take delivery of three new planes this year and sell 22 old aircraft by July, while reducing staff numbers will be a last resort.The Nation reported that Thai Airways was one of the troubled state enterprises. In the first nine months of 2014, the airline suffered losses of Bt9 billion (RM996 million). It recorded a loss of Bt12 billion in 2013.It added that Thai Airways planned to sell its stakes in Nok Air, BAFS and Novotel Suvarnabhumi Airport Hotel. It also planned to sell its shares in the Amari Airport Hotel and Royal Orchid Sheraton Hotel as part of its business restructuring. – January 28, 2015.
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