There is no peace for Thai Airways. As part of the restructuring imposed by the pandemic, the Thai national carrier announced today the cutting 240 managerial positions, 30% of the total. “The number of executives has been reduced from 740 to 500,” reads a note. With the sacrifice of managers, the company aims to "increase its organizational efficiency", reducing the hierarchical levels of the company from eight to five.
By March 2, the company must submit a restructuring plan to the Thai bankruptcy court, before facing the meeting of creditors. The company is 51% controlled by the Bangkok government, which last May filed for bankruptcy with the aim of carrying out a restructuring controlled by the state, thus avoiding the path of the bridging loan.
In crisis since 2012, Thai Airways has not withstood the impact of Covid and its controlled bankruptcy brings with it significant social problems: the company, in fact, employs 21mila people. Chansin Treenuchagron, chairman and chief executive officer, called for "cooperation from everyone, creditors and employees". For the latter, a program of voluntary exodus has already been launched some time ago.
