What's Up At Thai Airways?

It's well known that national carrier Thai Airways has created a strong legacy of economic losses.
The recently installed military junta is in the process of reviewing strategic plans for state-owned transportation entities.
Bucking the downward trend the current regime has requested the airline to submit an investment plan for review.
As Asia's airline sector has seen a dramatic realignment due to the proliferation of low-cost carriers the question is can Thai Airways actually see a reversal of fortune.
Over the past ten years, a series of strategic blunders from LCC alliances which failed to launch, through to the questionable Thai Smile and NokAir spinoff's, it's hard to imagine the ship can be saved without a complete overall.
Meanwhile for anyone who has flown recently on Thai, the sight of worn out carpets, aged interiors and sagging seats can attest that something has to give.