Thai Airways is looking to raise as much as 50 billion baht ($1.65 billion) through equity, bank loans, and other means, while slashing its workforce by one half.

The Star Alliance carrier currently has 19,500 employees and expects 6,000 workers to depart by the end of 2021 as part of the restructuring plan. Prior to the pandemic, it had 28,000 employees, according to Reuters.

Thai Airways also has plans to retire 17 aircraft by 2025, bringing its fleet down to 86 aircraft. The airline will further reduce the number of aircraft types from 12 to five.

Earlier, Business Traveller reported that the carrier was looking to retire its Airbus A330s and A380s, in addition to Boeing 747s.

As it emerges from the restructuring process, Thai Airways expects to position itself as a “private high-quality full-service carrier” by enhancing its products, becoming more profit-focused, controlling costs, and driving safety and efficiency across operations. The efforts will be led by Thai Airways’ transformation chief, reported the Bangkok Post

Prior to its restructuring proposal, the airline found itself tied down by debt amounting to 410 billion baht ($13.5 billion) across 13,000 creditors. It posted a net loss of 141 billion baht ($4.65 billion) in 2020, its fourth consecutive annual loss.