Thai Airways said on Monday it was seeking THB19 billion baht (USD$545 million) in loans from state-owned banks as it needed working capital after being hit by the recent closure of Bangkok airports.

"We have problems with cash flow because we lost THB19 billion in cash during the closures of the airports," acting President Narongsak Sangapong said. "So we need that amount to support our cash flow."

Narongsak denied reports by local newspapers that the national carrier needed THB35 billion for cash flow.

The reports sent shares in Thai Air -- already hurt by the global crisis and by the airport closures late last year by political demonstrators -- down 5.8 percent on Monday to THB6.50, the lowest since they listed in 1992.