DP Aircraft I Limited Company Update - Thai Airways (6190R)
July 01 2020 - 2:00AM
UK Regulatory
TIDMDPA
RNS Number : 6190R
DP Aircraft I Limited
01 July 2020
1 July 2020
DP Aircraft I Limited (the "Company")
Company Update - Thai Airways
Further to its announcement of 2 June, in which it highlighted
the steps being undertaken by Thai Airways to undergo debt
rehabilitation proceedings, the Board of DP Aircraft I Limited has
been in discussions with both Thai Airways and the relevant lending
banks regarding the most appropriate manner in which to structure
the leasing arrangements on an ongoing basis.
In light of the moratorium triggered by the instigation of the
debt proceedings on 27 May, the Board and the lenders are working
on the assumption that Thai will not make any further lease rental
payments prior to the rehabilitation court hearing on 17 August of
this year. Accordingly, the two parties have agreed that, for the
period from 29 June 2020 to 9 September 2020, the Company will only
be required to make interest payments on its borrowings relating to
the assets leased to Thai, with no concomitant capital repayment
obligation; and that the Company will make no dividend payments
while deferrals remain outstanding under those borrowings. The
interest payments will be sourced from the security deposits
received by the Company from Thai Airways in advance of the
commencement of the relevant leases.
The Company and the lending banks will reassess the financing
arrangements in good faith as soon as there is further clarity as
to the ramifications of Thai Airways entering into the debt
rehabilitation process. A further market update will be provided in
due course.
For further information, please contact:
Aztec Financial Services (Guernsey) Limited +44(0) 1481 748833
Kellie Blondel / Laura Dunning
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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