Thai Airways plans to halve its workforce and reduce its fleet by almost 20% in a bid to turn around its financial difficulties.
The airline’s acting president Chansin Treenuchagron told The Bangkok Post the airline would have only 13,000-15,000 workers by 2025.
Plans also include the removal of five aircraft types from Thai’s fleet, including the Airbus A380 and Boeing 747. The fleet will be reduced from 103 aircraft to 86 by 2025, with only five aircraft types remaining.
Budget airline subsidiary Nok Air will also be sold.
The airline is taking drastic action after seeing a 2020 loss of £3.34 billion, which followed a £3.06 billion deficit in 2019.
Measures would save £1.23 billion by next year, Treenuchagron said. Plans must be approved by Thailand’s Central Bankruptcy Court after creditors vote on it on 12 May, Reuters reported.
Thai Airways was state controlled until May, when the Thai government reduced its shareholding from 51% to just under 48%.