Five Airbus A340s held in storage for 13 years are sold by Thai Airways

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For a total of 350 million baht, the state airline of Thailand sold one A340-500 and four A340-600 aircraft. In the two years after it began its debt rehabilitation program, Thai Airways has sold 16 retired aircraft. Since the bankruptcy court approved THAI’s debt restructuring plan in 2020, the agreement will surely help the airline restore its financial footing. In 2019, Thai Airways stated that it owed 245 billion Thai Baht. The airline’s status report, which was published in July of this year, shows that revenue is finally increasing and that the business is making progress in paying off its massive debt load. The airline successfully raised a substantial quantity of money through a Facebook Live auction. Instead of increasing sales, cost reducing has helped THAI get back on track. The airline’s costs have decreased significantly, from 29.4 billion to 7.9 billion baht yearly, according to its July financial report.

The sale will be finalized as soon as the Thai Minister of Transport gives his approval, according to Cherdphan. Cherdphan stated that four more A340s with the same specifications are still offered for sale and that the airline had problems selling the A340s. A total of ten Boeing 737-400 airplanes and one Boeing 737-400 were sold by THAI for a total of 2 billion baht prior to the most recent transaction. The national carrier made money by holding an online auction for a variety of goods on their Facebook store, “TG Warehouse Sale,” which is styled after a car boot sale. The buyer, whose identity is kept secret, has already signed the documentation closing the acquisition, claims Chief Technical Officer of Thai Airways Cherdphan Chotikhun. THAI is currently negotiating with potential purchasers for the remaining four A340s, according to Cherdphan. THAI also made some money during the Covid-19 era by establishing temporary cafés that provided in-flight meals and by marketing a variety of in-flight items including napkins, mugs, and silverware. The airline has cut its staff from 30,000 to 15,000 employees while reducing maintenance and operating costs. Thai Airways has sold five abandoned Airbus A340s that had been gathering dust for 13 years (THAI).