BANGKOK – Thailand’s beleaguered national ******* will be saved from bankruptcy under a rehabilitation plan being worked out between the ******* and government, premier Prayuth Chan-ocha said Monday.

****** at state-owned Thai Airways swelled in the past two years as increased competition and years of mediocre management took their toll. The company reported a loss of 12 billion baht ($368 million) in 2013 and 9.2 billion baht ($282 million) in the first nine months of last year.

The government was discussing steps to save Thai Airways from bankruptcy and has given an initial green light to a rehabilitation plan proposed by the carrier, Prayuth said after a meeting with the government’s committee on state enterprise policy.

Prayuth, who ousted Thailand’s elected government in a **** last year, said the national ******* will have to cut expenses, increase revenue, drop unprofitable routes and sell planes that are currently surplus to requirements.

His comments came after speculation that the national ******* would declare bankruptcy this week.

Thai Airways said its first priority was to cut ****** by eliminating unprofitable routes and by increasing revenue from its successful routes.

“This reform will bring Thai Airways back to sustainable growth to once again become the Thai people’s pride,” the *******’s president Jarumporn Chotikasatien said in a statement.