Thai Airways International president Sumeth Damronchaitham has issued a dire warning to staff that unless they pull their socks up the airline faces an uncertain future.

He said that he would not give up fighting to save the debt-challenged airline and urged staff members to wake up and do something in earnest “because there is little time left for us.  There is no more comfort zone, and we will all be dead if the ship sinks”, the Thai public broadcasting service (PBS) reported.

For the first time, PBS reported, the national flag carrier is in deep financial crisis, to the extent that it may have to fold unless all staff members unite to work harder.

The THAI president also said that there may still be time, albeit not much, to save the company “otherwise speculation that THAI is going bankrupt will materialise and there is a chance that we will reach that point.”

Mr. Sumeth, in a speech to THAI executives at the company’s head office this week, blamed THAI’s predicament on fierce competition from low-cost airlines on the national carrier’s  northern domestic routes, which used to generate one-third of the airline’s revenue, while the European routes have been affected by the strong baht and Brexit related issues.

Flag carrier Thai Airways has strongly refuted media reports the airline is in dire financial straits and is in danger of going bust.

It is insisting that comments attributed to its president Sumeth Damrongchaitham have been taken out of context and while the airline’s financial health is not good, it is not nearly as bad as reports suggest.

Sumeth addressed airline executives during a meeting this week, reportedly saying: “I want staff to be united to overcome the obstacles. Otherwise, the national airline must close down. There is still time for a solution, but there is not much time.