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Airways selling assets to raise cash

Thai Airways International (THAI) is selling 10 properties and buildings around the country in a bid to raise funds to rehabilitate its ailing business, according to an airline source.

The source said the carrier is looking to offload its largest batch yet of assets to boost cash flow as the company is seeking to restructure 245 billion baht of debt through payment extensions, interest waivers and debt-to-equity conversions.

The airline has also introduced leave-without-pay schemes and pay cuts for staff.

The 10 properties and buildings slated for sale are scattered in Bangkok and the provinces including Khon Kaen, Chiang Mai, Chiang Rai, Phuket and Phitsanulok.

Buildings to be put on the market are those that served as airline offices.

They include a 4-storey building on Silom Road, an eight-storey office building with six-floor car park building on Lan Luang Road, and a two-storey building called “Rak Khun Thao Fa” on land at Don Mueang airport.

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