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Company Update - Thai Airways
Further to its announcement of 24 January, the Company is now able to provide an indicative update on its revised arrangements with Thai Airways in respect of the two Boeing 787-8 aircraft leased to Thai (the Thai Assets ), and the corresponding agreement reached with the lending banks (the Thai Lenders ) providing loan finance in respect of the Thai Assets. Lease Arrangements The Company has today signed a Letter of Intent with Thai Airways under which the parties have agreed to amend the existing lease terms. The new terms provide for a power by the hour (PBH) arrangement until the end of next year (i.e. rent will be payable by reference to actual monthly utilisation of the Thai Assets), with scaled back monthly lease payments thereafter, reflecting the reduced rates now seen in the market. The lease term will be extended from October 2026 to December 2029, with the Company retaining a right of early termination in October
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