DP Aircraft I Limited Company Update - Thai Airways (7231O)
June 02 2020 - 10:51AM
UK Regulatory
TIDMDPA
RNS Number : 7231O
DP Aircraft I Limited
02 June 2020
2 June 2020
DP Aircraft I Limited (the "Company")
Company Update - Thai Airways
The Board of DP Aircraft I Limited notes the recent announcement
that the Government of Thailand has given its approval to Thai
Airways taking the necessary steps to undergo debt rehabilitation
proceedings through Thailand's Central Bankruptcy Court, with a
view to a restructuring of the airline. The process is a protracted
one, with a hearing to decide whether Thai Airways may formally
enter rehabilitation not being held until 17 August 2020; in the
interim period, it is expected that the airline will enter into
discussions with creditors, lessors and other counterparties in
order to determine how any restructuring might best be
effected.
As shareholders will be aware from previous updates provided by
the Board, a rent deferral arrangement was recently agreed between
the Company and Thai Airways, pursuant to which lease rental
payments representing approximately US$3.4m in aggregate were
deferred, to be paid back in twelve monthly instalments (together
with interest accruing thereon) by November 2021. The Company has
not as yet received any formal communication from Thai Airways as
to whether it will seek to revisit this arrangement in light of the
debt rehabilitation proceedings, but as a matter of Thai law the
instigation of the proceedings triggers a moratorium which
potentially impacts Thai Airways's debt obligations, and hence the
rights of its creditors; and the Board notes that no monies have
been received by the Company from Thai Airways in respect of its
most recent rental instalment (due 29 May). The Board is therefore
expediting negotiations with both Thai Airways and the Company's
lending banks in order to ascertain the basis upon which the
leasing arrangements might most practicably be structured going
forwards and will provide shareholders with a further update as and
when there are any material developments in connection
therewith.
Enquiries:
Kellie Blondel / Laura Dunning
Aztec Financial Services (Guernsey) Limited
As Company Secretary to DP Aircraft I Limited
Tel: + 44 (0) 1481 748833
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END
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