National flag carrier Thai Airways International has revealed plans to reduce its workforce and fleet size in the turnaround plan.
The business rehabilitation plan has been submitted after the Central Bankruptcy Court approved the extended the submission period from 2 January to 2 March.
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The plan will be considered during the creditors’ meeting, the date of which is yet to be determined.
The company noted that progress made on the plan and other additional developments will be communicated.
Under this rehabilitation plan, the carrier plans to keep its workforce size from 13,000 to 15,000 employees by 2025.
Thai Airways currently has approximately 19,500 full-time employees, down from 28,000 in 2019.
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By GlobalDataIn addition to reducing the workforce, Thai Airways plans to cut the fleet size from 103 to 86 aircraft by 2025.
These reductions will save the airline THB52bn ($1.7bn) by next year.
In November, it listed 34 passenger aircraft from its fleet for sale.
The company received orders to go ahead with the business rehabilitation plan on 14 September 2020.
As of 31 December, the group had a capital deficit of THB128,665m ($4.24bn).
Since last March, Thai Airways and its subsidiary Thai Smile Airwayshave suspended domestic and international flights due to the Covid-19 pandemic.
The domestic operations resumed in June 2020 while some international and charter flights were reopened.
