Thai Airways selling everything from cutlery to Boeing-747s to raise funds

- A Monitor Desk Report16 Nov, 2020 | 199 Views|-+
Bangkok : This year has seen a lot of new things in the airline industry. One of the more unusual innovations is the public auctioning of aircraft. Not just small single-engine two-person Cessnas, but big jets that take up a lot of garage space.

Iran Air made headlines earlier this year when it started auctioning off many of its aircraft, including its classic Boeing 747s. Then embattled THAI Airways jumped on the bandwagon. Now THAI is upping the ante and looking at auctioning a whole range of aircraft consumables to raise badly needed cash.

THAI Airways is in a world of financial pain. The airline has defaulted on over USD 2.8 billion worth of loans and bonds and lost USD 926 million in the first six months of 2020. Recently, THAI announced its third-quarter results and another loss. The airline said domestic travel was showing some signs of recovery, but international travel was almost zero.

However, THAI's financial problems pre-date 2020. The travel downturn is simply the catalyst that has pushed the airline to its present tipping point. THAI said they were placing more emphasis on earning revenue from non-passenger sources.

Earlier this month, it is reported that THAI Airways was auctioning off 32 of their widebody planes, including all of their Boeing 747s. The THAI 747s were a familiar sight at many airports. Regular passengers know the planes to be showing a few signs of superficial wear and tear, but super comfortable to fly in.

According to a report, THAI Airways is going through its warehouses to see what else they can flog off. In THAI's sights are everything from salt and pepper shakers and wine glasses to seat covers and aircraft tires.

Should you be interested, THAI also wants to swap its stash of booze for cash. It could be a great opportunity to pick up some bargain Dom Perignon from the first class supplies or Veuve Cliquot from their business class hoard.

THAI's excellent taste in champagne is a good indicator of why this airline was always such as pleasure to fly on and why it is so sad to see THAI in its current state.

Also becoming available are various office spaces, including the head office building.

The airline is in the middle of a restructuring programme under the supervision of Thailand's Central Bankruptcy Court.

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