Trouble airline Thai Airways International said Friday (19 February) that it was cutting more than 30 percent of its executive positions as it continues to undergo a court-supervised “rehabilitation process”. “The company needs to improve its organisational structure and business strategies in various areas to create greater flexibility in operations, which will lead to increased competitiveness,” acting President Chansin Treenuchagron said in a statement written in Thai. The airline now has 500 executive positions, down from 740. In addition, the executive hierarchy will now consist of five levels. Previously there were eight, from the CEO to team leader.
The national flag carrier last March filed a petition to be rehabilitated under court supervision and was one one of the world’s first legacy carriers to go under due to the COVID-19 pandemic and the near total shutdown of international flights. The company has been working on a restructuring plan that is due in court on 2 March, following which it must be approved by creditors.
In January, the airline said it had raised 2.7 billion baht (US$90 million) by selling a 15.5 percent stake in Bangkok Aviation Fuel Services, which provides airplane fuelling and other services. The proceeds will serve as working capital. There are also industry reports that Thai Airways has been selling off jetliners in the secondary market, though it has not released information about any changes to its aircraft assets.