Amedeo Air Four Plus Limited Thai Airways Update (8139V)
16 December 2021 - 6:00PM
UK Regulatory
TIDMAA4
RNS Number : 8139V
Amedeo Air Four Plus Limited
16 December 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019.
16 December 2021
AMEDEO AIR FOUR PLUS LIMITED (the "Company")
(LSE: AA4, LEI: 21380056PDNOTWERG107)
Thai Airways Update
Further to previous updates on the Thai Airways Rehabilitation
Plan, the Company is pleased to announce that the lease
restructurings with Thai Airways have now been duly finalised and
executed.
Additional detail on the Thai rehabilitation plan
In May 2020 Thai Airways entered into Thai bankruptcy
proceedings, ceased payment of rent under its leases and commenced
a rehabilitation plan process, which included a company-wide
restructuring and fleet rationalisation, subject, amongst other
things, to Thai court approval.
On 30 December 2020 the Company's subsidiaries entered into
Letters of Intent ("LOIs") on commercial terms whereby the
Company's leases would be restructured with Thai Airways. The
Company's lenders consented to the LOIs and granted forbearance not
to enforce repossession while the Company kept its interest
payments current.
On 29 and 30 July 2021 the Company finalised debt restructuring
with the lenders, to accommodate the new lease terms as was
envisaged in the LOIs, subject to completing the lease
restructurings with Thai Airways prior to 31 December 2021.
On 14 December 2021 the lease amendments were approved by the
Thai Airways Plan Administrator and on 15 December 2021, the lease
restructurings were executed.
Update on the restructured leases
Under the terms of the LOIs and now the restructured leases,
Thai Airways pays rent on a power by the hour basis ("PBH") until
December 2022.
The MSN 123, 130, and 142 aircraft have been operated in
commercial service, and MSN 177 is scheduled to re-enter commercial
service in the next few days. Consequently, the Company has been
receiving some PBH rent, defraying its current interest payments to
the lenders. MSN 142 is currently undergoing scheduled maintenance
and MSN 177 will be inducted for its C-Check in Q1 2022, with MSNs
120 and 130 already having completed this process, the Company
expects good utilisation rates of its aircraft thereafter.
From January 2023 the leases will switch to fixed monthly
payments and the Company and its lenders have entered into hedging
arrangements for the debt service. Under the terms of the
restructured debt, any surplus rent in excess of debt service, and
agreed cost contribution to the Company, will be applied towards
principal amortisation.
The resolution of the Thai restructuring completes a process to
secure significant equity value to shareholders.
For further information, please contact:
JTC Fund Solutions (Guernsey) Limited
+44 (0) 1481 702 400
Liberum Capital Limited
Chris Clarke / Darren Vickers / Owen Matthews
+44 (0) 20 3100 2000
About the Company
The Company is a Guernsey-domiciled company, with shares
admitted to trading on the Specialist Fund Segment of the London
Stock Exchange's Main Market (LSE: AA4).
The Company's investment objective is to obtain income returns
and a capital return for its Shareholders by acquiring, leasing and
then selling aircraft.
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END
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