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Yamato

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Take away Thai seafood dinner at home. Bought from Somboon Seafood Restaurant.

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Egg plant with salted fish minced pork
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Sea snails
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Mud crab
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Kale with pork belly
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Mimosa
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Pork knuckles
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Seafood fried rice
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https://www.bangkokpost.com/thailand/general/1916292/businesses-gear-for-june-boost

Businesses gear for June boost
Malls may still stay closed, says source

PUBLISHED : 12 MAY 2020 AT 05:00

 

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A security guard is on duty at MBK shopping centre in Pathumwan district, Bangkok. (Photo by Arnun Chonmahatrakool)

 

More activities and medium-sized businesses which have been temporarily halted or closed since late March will be allowed to resume next month, as the Centre for Covid-19 Situation Administration (CCSA) mulls a further easing of government-imposed restrictions ordered to curb the spread of the novel coronavirus disease.

 

CCSA spokesman Taweesilp Visanuyothin on Monday said the centre -- which is headed by Prime Minister Prayut Chan-o-cha -- will consider on Friday three broad categories of activities and businesses which will be allowed to resume under what he called the "Phase-2 lockdown".

 

On the list are advertisement production, sports competitions without spectators, restaurants, food shops in office buildings, public libraries and department stores. Entertainment venues inside malls, such as movie theatres, are excluded.

 

That said, a government source close to the CCSA said that shopping malls may not be included in the Phase-2 lockdown, which is set to take effect on May 17.

 

Authorities have set a rough timeline for the gradual lifting of lockdowns, with the third phase likely to be announced in early June. The final phase, which is expected to be announced in mid-June, will see "all businesses and activities" reopening, the source said.

 

Dr Taweesilp admitted that as of now, the list of activities and businesses which will be allowed to reopen in the second phase of easing are still subject to change.

 

"Many discussions are still needed among health and security authorities, as well as experts from the National Economic and Social Development Council," the spokesman said at Monday's daily briefing on Covid-19 infections.

 

They need to discuss the easing of restrictions thoroughly and carefully, as what they suggest will impact public health guidelines, he said.

 

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One factor that will be taken into consideration is whether the six types of businesses and activities which have been allowed to resume since May 3 have strictly followed mandatory health guidelines to prevent a new round of Covid-19 infections, he said.

 

Markets, food shops, street stalls and hair salons (including pet groomers) are among the businesses that were allowed to reopen on May 3. Outdoor exercises and non-contact sports were also allowed.

 

The latest rounds of inspections conducted on May 10 found that 5,644 or or 30.4% out of the 18,512 venues which reopened on May 3 failed to comply with mandatory health guidelines, with 449 or 2.37% found to be ignoring hygiene practices.

 

The numbers were slightly lower than violations found between May 3-9, during which 109,425 venues were checked, according to the CCSA.

 

In the Phase-2 lockdown, though the green light to resume will be given to certain businesses and activities, both operators and people are still required to strictly follow health guidelines.

 

For example, Dr Taweesilp said, a commercial advertisement shoot can only have five people on set in order to maintain social-distancing guidelines.

 

The same CCSA source said on Monday he did not believe shopping malls will be allowed to reopen under the Phase-2 lockdown, saying they should instead be among the last businesses to resume normal operations.

 

Claims which stated that shopping malls will reopen around the middle of this month probably came from "shopping mall owners who wanted to test the waters", he said.

 

"The reopening of department stores will depend on whether people can take care of themselves," the source said, adding their public awareness is crucial to prevent new outbreaks.

 

However, according to Dr Taweesilp, hundreds of people have continued to defy the curfew order. As of late on Sunday, the numbers of curfew violators stood at 597.

 

At least 89 people gathered illegally -- with 55% of cases involving alcohol and parties.

 

Meanwhile, the CCSA on Monday reported six new coronavirus cases, bringing the total in Thailand to 3,015. No additional deaths were reported, leaving the accumulated toll at 56, said Dr Taweesilp.

 

Another two people recovered, bringing the total number of discharged patients to 2,796.

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https://www.bangkokpost.com/thailand/general/1917380/no-new-covid-cases-for-the-first-time

No new Covid-cases for the first time
PUBLISHED : 13 MAY 2020 AT 12:28

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Safe distancing is the norm, as people queue to receive assistance packages at Wat Rakhang Khositaram in Bangkok on Wednesday morning, when the government announced there were no new Covid-19 cases over the previous 24 hours. (Photo: Chanat Katanyu)

 

There were no new infections of coronavirus disease (Covid-19) reported in Thailand on Wednesday, for the first time since the pandemic began to spread here, and no new deaths.

 

Dr Taweesilp Visanuyothin, spokesman for the Centre for Covid-19 Situation Administration, said on Wednesday morning that the total number of cases remained at 3,017 and the death toll at 56.

 

"I am happy, along with everyone who has contributed to disease control... We have been doing better since the reopening of business started on May 3," he said.

 

Since May 3, the number of new Covid-19 cases reported daily had been in single figures, except for 18 on May 4, he said, and quickly explained the discrepancy.

 

"Actually May 4 was the first day when Thailand did not have a new case of local infection because the 18 cases found on that day came from quarantine facilities. The no-case announcement today makes the zero-case status official," Dr Taweesilp said.

 

He encouraged people to keep taking disease control precautions, mainly through hand washing, using face masks, social distancing and cleaning, to maintain the zero-case situation.

 

"We can relax, but cannot be reckless... Please keep to the new-normal practices. Finally, we may be among the first countries able to end the hardship brought by this disease," he said.

 

Dr Taweesilp said that  zero new cases did not come from any leniency in attempts to find infected people. He said that from May 1 health officials had expanded criteria for Covid-19 tests on people, to cover those with mild symptoms.

 

This month 34,444 people had been tested and only 0.18% of them were positive for Covid-19, he said.

 

Over the previous 24 hours, 46 more patients had been deemed recovered and discharged, raising the total recovery cases to 2,844, while 117 patients remained at hospitals.

 

Dr Taweesilp said global Covid-19 cases stood at 4.34 million with 292,893 deaths. The United States had the most cases at 1.41 million and the most deaths at 83,425.

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Famine fear in Thailand

https://i0.wp.com/www.chiangraitimes.com/wp-content/uploads/2020/05/What’s-More-Deadly-than-the-Covid-19-Coronavirus-in-Thailand.jpg?w=850&ssl=1

What’s More Deadly than the Covid-19 Coronavirus in Thailand?
Published 5 mins ago on May 14, 2020
By CTN News 

 

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The number of confirmed cases of Covid-19 Coronavirus in Thailand has stopped climbing and on Wednesday Thailand reported zero cases for the first time since March, 2020.

 

The Thai government’s rapid response to the covid-19 outbreak has been applauded by many in the international community including the World Health Organisation (WHO).

 

However, halting the rise in infections has come at a huge expense of ordinary Thais. Many Thai have sacrificed their livelihoods for Covid-19. Furthermore many have lost their jobs in complying with government policies to control the virus. Including the shutdown of businesses and the night-time curfew.

 

Now many have realized that a deadlier threat than Covid-19 has hit their doorsteps in Thailand. Its name is famine.
 

People committing suicide in Thailand due to covid-19 Coronavirus

 

Government aid measures, while barely adequate, are still not reaching many of the people.  Especially the people who have been hardest hit by this crisis. In a sad irony, the website where people can register for aid is called “We do not leave anyone behind”.

 

The evidence is overwhelming: People desperate for the Bt5,000 monthly handout recently stormed the Finance Ministry. Long lines have formed outside gold shops as Thais sell what gold they have for cash to buy food. And worst of all, the number of suicides have also risen. Economic recession has sent people into a spiral of stress and despair.

 

Scholars warn that the number of people driven to suicide by economic hardship could exceed the number of COVID-19 deaths if the government doesn’t react. Thailand is well known for having one of the highest wealth inequalities in the world and also one of the highest suicide rates in Southeast Asia.

 

In fact, suicide ranks second among the non-natural causes of death in Thailand after traffic accidents.
 

Many Thai are facing starvation due to coronavirus in Thailand

 

Thailand’s Prime Minister General Prayut cannot just focus on the virus the Nation reports. He must also manage the lives of 67 million Thais, many of who face starvation. Especially if the current restrictions on daily continue much longer.

 

General Prayut must make sure that aid measures enable people to afford the basic necessities of life. And above all that the money first goes to the ones who need it most.

 

He also has to ignore opposition politicians who are criticizing the government’s measures with a hidden agenda. Now is not the time for political debate. Especially when people are facing the very real prospect of hunger and death.

 

Starving people will resort to drastic actions, including breaking laws and restrictions set by the government to control the outbreak. If Prayut ignores this fact, the repercussions that follow could radically change both the Covid-19 situation in Thailand and the status of his government.

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GOOD NEWS

 

1. Malls open on 17th May 2020

 

2. Curfew adjusted to start from 11pm instead of 10pm ends the same, 4am.

 

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There are some other details coming up like the malls will open at 10am but must close at 8pm

 

Also hardware mega stores are allowed to open also

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Visited a couple of malls since Sunday

 

This is Central Eastview. People are very discipline in practising social distancing 

 

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Not as crowded as before I guess many still weary

 

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You don't need the buttons anymore for this elevator there are sensors

 

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and the inside

 

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see the sensors

 

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Ok not everyone is following the instruction to face the wall at least people keep themselves in the box

 

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https://www.pattayamail.com/coronavirus/thailand-reports-two-new-covid-19-cases-schools-to-begin-on-july-1-300716

Thailand reports two new Covid-19 cases, schools to begin on July 1
By Pattaya Mail
May 20, 2020

 

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The Center for Covid-19 Situation Administration spokesman, Dr Taweesin Visanuyothin.

 

The Center for Covid-19 Situation Administration (CCSA) reported two new Covid-19 cases, raising the total cases to 3,033.

 

Dr Taweesin Visanuyothin, CCSA spokesman said the total recovery cases were recorded at 2,857 and 120 patients are being treated in hospitals. The death toll remains at 56.

 

The two new cases include a 36-year-old woman and a 45-year-old man, a daughter and a son-in-law of a previous patient in Narathiwat.
 

He said repatriation flights were bringing Thai people home from the Netherlands, France, Japan, China and the U.S. today and tomorrow, 58 Thai exchange students will return home from Argentina, Uruguay and Brazil.  All returnees will be placed under state quarantine.

 

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https://www.nytimes.com/reuters/2020/05/20/world/asia/20reuters-health-coronavirus-thailand.html?searchResultPosition=6

Thailand Reports One New Coronavirus Case, No New Deaths
By Reuters
May 20, 2020, 12:49 a.m. ET

 

BANGKOK — Thailand on Wednesday confirmed one new coronavirus case, bringing its total cases to 3,034.

 

There were no additional deaths reported. The new case, a Thai citizen travelling from Bahrain, was a detected during quarantine, said spokesman for the government's coronavirus task force, Taweesin Wisanuyothin.

 

There have been 56 deaths overall from coronavirus in Thailand and 2,888 patients have recovered.

 

(Reporting by Chayut Setboonsarng and Panarat Thepgumpanat; Editing by Martin Petty)

https://www.pattayamail.com/coronavirus/thailand-reports-two-new-covid-19-cases-schools-to-begin-on-july-1-300716

 

 

Edited by Yamato
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https://asia.nikkei.com/Spotlight/Coronavirus/Video-Bangkok-Hanoi-and-Yangon-are-up-after-coronavirus-shutdown

Video: Bangkok, Hanoi and Yangon are up after coronavirus shutdown
Restaurants and shopping malls reopen, but with a 'new normal' in place

 

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Thailand is one of a number of Southeast Asian countries that will be looking at a "new normal" as the country reopens amid the ebbing coronavirus outbreak.

(Photo by Akira Kodaka)
Nikkei staff writersMay 21, 2020 15:08 JST

 

BANGKOK/KUALA LUMPUR/HANOI/YANGON -- Thailand, Vietnam and other countries in Southeast Asia are lifting restrictions on activities imposed due to the novel coronavirus outbreak, gradually bringing everyday life back to normal.

 

Restaurants and other businesses are reopening while schools have resumed classes after temporary closures in some countries.

 

Traffic congestion, which had been virtually absent for months, is again emerging in big cities.

 

Commuter motorcycles in Hanoi have returned to main roads while shoppers are beginning to fill Yangon street markets.

 

But as Singapore and Indonesia remain wary about COVID-19 infections, the situation varies from country to country.

 

 

Even in countries that have begun normalizing, how and when borders will reopen is far from clear as the risk of secondary infections looms.

 

In the meantime, Southeast Asia will be looking at a "new normal" -- one that will be influenced by the lingering effects of the coronavirus.

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https://www.thaipbsworld.com/thailand-extends-state-of-emergency-until-end-of-june/

 

Thailand extends state of emergency until end of June
May 22, 2020

 

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Pedestrians walk on the main street of Chinatown after the Thai government relaxed measures to combat the spread of the COVID-19 novel coronavirus, in Bangkok on May 21, 2020. – Thailand continued easing restrictions related to the COVID-19 novel coronavirus on May 17 by allowing various businesses to reopen, but warned that the stricter measures would be re-imposed should cases increase again. (Photo by Mladen ANTONOV / AFP)

 

Thailand’s Centre for COVID-19 Situation Administration (CCSA) has endorsed the proposal of the National Security Council to extend the country’s current state of emergency until the end of June, as the country recorded no new infections or fatalities today.

 

CCSA spokesman Dr. Taweesin Visanuyothin said at the daily news briefing that the CCSA meeting, chaired by Prime Minister Prayut Chan-o-cha, agreed with the extension of the emergency decree on the grounds of health security, citing the need for the special law to ensure the unified and speedy operations of all agencies concerned in the collective fight against the deadly virus.

 

He explained that the Communicable Disease Control Act, although empowering officials to adopt measures to curb the spread of infectious diseases, is not enough to cover all necessary preventive aspects.

 

Another reason for the extension of the emergency decree, said Dr. Taweesin, is that, as Thailand is approaching the third and fourth phases of the relaxation of lockdown restrictions, on business activities which are regarded as being at a higher risk of disease transmission, it is necessary to ensure a balance between vigilance and the easing restrictions in a way which will not lead to a second wave of infections.

 

Dr. Taweesin said the third reason cited by the CCSA for the extension is that Thailand is still at risk from the contagion,because it is still spreading in many other countries, and a workable vaccine is still at least a year away.

 

“We are not out of danger yet.  We are in the second phase of lockdown relaxation.  If we do not have the emergency decree, what will happen?” he asked, as he insisted that the special law is just one of the tools invoked to curb the spread of the virus.

 

He hinted, however, that the next CCSA meeting will discuss the 11pm-4am curfew, which may be further relaxed to provide greater freedom of movement for

working people.

 

According to the CCSA, accumulated infections in Thailand are 3,037, with 2,910 recoveries, 56 fatalities and 71 still in hospital.

 

Dr. Taweesin did, however, say that there are two suspected cases awaiting test results. They are returnees from Egypt and India who are currently in state quarantine.

 

Between May 8th and May 21st, there were 15 infections among those in state quarantine after returning from abroad.

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2 weeks ago fried Hokkien sotong noodle turned out to be pretty good was free yesterday so I fried again

 

Ingredient
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Prawn, pork belly, sotong
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Beehoon and mee (Thailand don't have the thicker beehoon)
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Gu chai, eggs, home made sambal chili, home made lard, garlic
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Finally
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The result

 

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In 1997, Thai Airways became the only Asian airline to be among the five founding members of the Star Alliance, now the world's largest airline alliance. After more than a decade of poor financial performance and the impact of the coronavirus, Thai faces a major overhaul under Bankruptcy Court supervision.   © AP 

 

Thai Airways: pandemic delivers final blow to mismanaged carrier
Stripped of state protection, national icon faces drastic recovery overhaul

MASAYUKI YUDA, Nikkei staff writerMay 29, 2020 04:02 JST

 

BANGKOK -- These days, Bangkok's normally bustling main international airport feels like a museum dedicated to displaying Boeing and Airbus jets owned by Thai Airways International, with the national flag carrier's fleet largely grounded as the novel coronavirus pandemic paralyzes global air travel.

 

The mixed collection of Boeing 747-400s, Airbus A330s, Boeing 787-9s and Airbus A380s sitting silently on the tarmac or inside hangars at Suvarnabhumi Airport might appeal to aviation enthusiasts and photographers looking for a rare and dramatic shot. But the inertness of the fleet highlights not just the impact of COVID-19 but the airline's decades of financial inefficiency.

 

"Thai Airways troubles started in the 1990s when it decided to diversify and buy every type of plane that was being manufactured," said an airline industry insider in Thailand. Different models have different specs using different engines, the person told the Nikkei Asian Review, forcing the airline to train an army of engineers to keep the General Electric and Rolls-Royce engines flightworthy, inflating maintenance costs.

 

The inefficiency manifest at Suvarnabhumi is just one part of a history of mismanagement, corruption, and political interference that has now plunged the airline into overhaul proceedings. The kingdom's Bankruptcy Court on Wednesday accepted a petition from Thai, as the airline is commonly known, for rehabilitation under the court's supervision, with the first hearing scheduled for August.

 

A source in the Prime Minister's Office said that the coronavirus is what exposed Thai's underlying corporate culture and financial weaknesses. But for aviation analysts, the airline becoming the first national flag carrier in the world to go through legal rehabilitation was no surprise. The pandemic was simply the last straw that ultimately broke its wings.

 

CreditRiskMonitor, a New York-based credit research company, on March 11 named Thai along with Virgin Australia Holdings, Sweden-based SAS and Malaysia's AirAsia X as airlines with a risk of bankruptcy 10 to 50 times greater than the average public company. Of those, Virgin Australia entered voluntary administration -- equivalent to Chapter 11 bankruptcy in the U.S. -- ahead of Thai.

 

Ahead of the filing, the Ministry of Finance on May 22 trimmed its shareholding to 47.86 from 51.03%, selling 3.17% to state-run Vayupak Fund 1. Thai's second vice chairman and acting president Chakkrit Parapuntakul admitted that the airline had ceased to be a state enterprise under relevant laws, which have long hindered a thorough restructuring.

 

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The slow collapse occurred in layers. Management was inconsistent as presidents and board members frequently came and went for political reasons. And employees were not blameless, taking advantage of executive mismanagement to feather their own nests.

 

It wasn't that the need for reform went unrecognized, just that efforts by past presidents, when they came, were inevitably cut short. Piyasvasti Amranand took the helm in October 2009 after serving as energy minister. Within Thai, he is still spoken of as the only true reformer, launching cost-cutting measures such as salary cuts for senior executives.

 

Despite helping the airline fill its deficit in 2009, directors suddenly voted him out in June 2012 in what was seen as a politically motivated ballot. His spouse was a senior member of the Democrat Party and the kingdom was under the premiership of Yingluck Shinawatra from then-rival-Pheu Thai Party controlled by her brother, the exiled former Prime Minister Thaksin Shinawatra.

 

Piyasvasti expressed exasperation at receiving no explanation for the apparent boardroom coup. "The performance of the company during my term has improved in every aspect," he said at the time.

 

Charamporn Jotikasthira, former president and chief executive officer of the Stock Exchange of Thailand, took the helm in 2014. But Charamporn's reforms faced a major revolt from the airline's union and made little progress. He ended up retiring in February 2017. Sumeth Damrongchaitham took over the position in September 2018, but resigned March this year in the middle of his tenure.

 

Unprofessional boards also did not help. After a military coup in 2014, a trend emerged when Air Chief Marshal Prajin Chatong, who later became a deputy prime minister in the junta, was appointed chairman. Five civilian members were purged and replaced with five Royal Thai Air Force officers.

 

The appointments marked an end to the management culture of only appointing technocrats to board management positions that Thaksin had introduced around 2001 and Yingluck abided by. Three air chief marshals are currently on the board and have no experience in running listed companies or restructuring loss-making airlines.

 

Unions are guardians of workers' rights, but employees at Thai are seen as overprotected. Salary increases are based on length of employment. "At times, senior captains were getting paid more than the president of the company," a former board member told Nikkei Asian Review.

 

At one time, the airline had 300 engineers reporting 8 hours overtime for all 365 days of the year, "which does not make sense," the former board member said. And, he added, when changes were introduced to reduce such compensation anomalies, staff were able to get around them through special allowances.

 

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Thus, inconsistent management and overpaid, unmotivated workers spoiled the flag carrier's profitability. Thai reported a net loss of 12 billion baht ($376 million) in 2019, the third straight annual loss. Total shareholder equity was at 11 billion baht as of December 31, down 84.5% from the end of 2010, the last time it raised capital.

 

The coronavirus impact was so massive that the carrier could not report its quarterly financial results ending March on time. The Stock Exchange of Thailand granted a special extension until Aug. 14. But reports already say the net loss for the current fiscal year may balloon to as big as 60 billion baht, five times larger than last year.

 

The virus clearly shattered any business reboot hopes that Thai had. Its plan to open an aircraft maintenance yard in eastern Thailand fell into jeopardy after its partner Airbus missed a March deadline to submit a contract proposal. The two had agreed in 2017 to build a maintenance, repair, and overhaul facility -- a plan that may justify its long experience in maintaining a wide range of planes -- at U-Tapao International Airport in Rayong Province. But pandemic-induced uncertainty in the aviation industry prompted Airbus to back out from the 11-billion-baht project, said a senior official at Thai.

 

Compared with other Asian full-service peers, Thai was the worst-positioned by average passenger yield. Full-service airlines all experienced fierce competition with low-cost carriers, but Thai was hit harder compared to Southeast Asian rivals like Garuda Indonesia and Singapore Airlines. Thai's average passenger yield for 2019 was only half of Japan Airlines'.

 

Under rehabilitation unqualified board members will automatically be replaced. That leaves cushy employee perks as the last hurdle to overcome for a thorough restructuring and is where the 3% share sale will have a big effect.

 

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Stripping Thai of its state enterprise status will terminate worker privileges, including the right to form a union, which was allowed under related state enterprise acts. Charamporn, when working on his reforms, complained of the limitations Thai faced as a state enterprise. "You cannot easily fire people," he said in an interview with Nikkei at the time.

 

Naturally, the union's reaction to rehabilitation is fierce. "Thai Airways is the national carrier and it shall remain only [that]," said Nares Puengyam, union president. The union said that creditors lent money based on Thai's status as a state enterprise, and the 3% divestment at a time of restructuring would make them lose faith.

 

But the 3% share sale to the state-run fund was a carefully calculated act. A majority of shares are still under the strong influence of the government, even as the state enterprise status was successfully stripped away.

 

Nares took a hard stance, vowing the union will "oppose to the end" the process. But when confronted with the government's decisiveness in completely overhauling the carrier, the union relented, saying it will not stand in the way.

 

"The Bankruptcy Court will appoint professionals to supervise its rehabilitation and restructuring in a professional way," said Prime Minister Prayuth Chan-ocha, who chaired the State Enterprise Policy Committee in deciding to send the airline to court-supervised rehabilitation.

 

Thai on Monday said that it has replaced four board members. Among the new ones is none other than Piyasvasti, the former president whose reform efforts were once blocked. Pailin Chuchottaworn, former deputy transport minister until December 2019, resigned the day after he was appointed, as Thailand's anti-corruption authority bans a cabinet minister from sitting on the board of a private company for two years after leaving the office.

 

Thai proposed on Wednesday that the current chairman, acting president and three new board members, along with consultant EY Corporate Advisory Services, be appointed as rehabilitation planners.

 

Earlier, a number of names had come up, including former president Charamporn as well as state enterprise executives such as Tevin Wongwanich, president and chief executive of state-owned resources producer PTT Exploration and Production, and Chartchai Payuhanaveechai, president of Government Savings Bank.

 

Nikkei Asian Review has learned that an invitation to join the planning team will also be sent to Chumpol NaLamlieng, currently an independent director of industrial conglomerate Siam Cement. After serving as the president of Siam Cement from 1993 to 2005, Chumpol joined British Airways as a director until 2009. These names still may contribute to Thai's rehabilitation.

 

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Idle Thai Airways jets are parked on the tarmac at Bangkok's Suvarnabhumi Airport. The company became the first national flag carrier in the world to face court-sponsored bankruptcy rehabilitation amid the coronavirus pandemic. (Photo by Akira Kodaka) 

 

The planners' overhaul proposal must be endorsed by a majority of creditors for it to be put into action by the executors. "The rehabilitation process can potentially be protracted and acrimonious," said Joseph Tisuthiwongse, a partner at Bangkok-based law company Chandler MHM. Layers of legal steps and the varied interests of concerned parties make it "unclear how Thai will emerge from the process," he added.

 

But the national flag carrier must emerge clean from rehabilitation to remain a trusted brand for Thais. Such a wrenching overhaul is not uncommon in the aviation industry, especially after a major economic or security shock. Japan Airlines filed for rehabilitation in 2010 and after scrapping over 60 money-losing routes and laying off one-third of its workforce, it returned to profitability.

 

Since 2000, United Airlines, Delta Air Lines, Northwest Airlines, US Airways, and American Airlines have all been overhauled after filing Chapter 11 bankruptcies. U.S. banks and investors were forced to pay the price through debt write-offs, while the airlines experienced massive restructuring. Thai's struggle may be signaling another global trend of aviation overhauls induced by the coronavirus pandemic.

 

Downsizing fleets and scrapping unprofitable routes should be on the Thai rehabilitation agenda. Reports said the plan will ask as much as 50% of its more than 20,000 employees to leave with a 10 months of salary as severance.

 

The plan is expected to involve requests for debt forgiveness to creditors. Local credit rating agency Tris Rating has downgraded Thai's company rating and its senior unsecured debentures to default on Wednesday. Investors -- including the Ministry of Finance -- will likely be required pay their share of the cost to ensure fairness through capital reduction or equity dilution.

 

"If Thai really reforms, the gravy train for many is over," said the source from the Prime Minister's Office.

 

Additional reporting by Marwaan Macan-Markar and Apornrath Phoonphongphiphat in Bangkok.

 

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