While Thai Airways International is going through the restructuring process, the lessors have signed agreements regarding the future of their aircraft. There are around 15 lessors who have leased about 40 aircraft. One of the lessors told that they had to sign the agreements as they can no longer depend on letters of intent.
He also said that if the company is not happy with the rehabilitation plan. This is something they have not done before, as usually, they let the lessee make a plan that they are satisfied with. This market has seen many ups and downs, has been through many changes and has seen many players in the last few decades.
We were told by a representative of some of the lessors that they have reached an agreement with the airline and those who have not will very soon. The airlines ensured the lessors that their interests will be protected to the best extent possible, but what exactly they mean by, the best extent possible is not yet clear to us. We don’t know how much damage can be avoided as they only ensured to protect our rights as much as possible, but we don’t know what it clearly means and maybe the airlines don’t know either.
A few months ago, the airline had a virtual meeting with the lessors in which it describes its plan and also asked the lessors to give their best offers till 4 November. When it received the offers, it began discussing terms with each lessor separately. The Flag Carrier has not announced yet, which aircraft it would keep in its fleet and which it will take out and it is most likely to state this in the next draft of the rehabilitation plan.
The airline has dealt well with the lessors, and the planners still have enough time to create the draft of the plan which will then be voted by the creditors. The creditors took the help of the lawyers to file debt-repayment applications.
Thai Airways have so far taken a hard line with the negotiations and debts. An official said that airways have not accepted a single debt-repayment application from their firm, which is submitted on behalf of the creditors.