Company Update - Thai Airways

RNS Number : 4204O

Amedeo Air Four Plus Limited

29 May 2020

 

AMEDEO AIR FOUR PLUS LIMITED (the "Company")

Company Update - Thai Airways

Further to the Company's announcement of 19 May 2020, on 26 May Thai Airways submitted to the Central Bankruptcy Court of Thailand its petition to file for rehabilitation citing a total debt amount of THB 352,494,285,416 (c. £9 billion) and its proposal for the rehabilitation planner, being EY Corporate Advisory Services Limited plus five gentlemen well respected within Thailand's business community, and collectively the "Planner". 

On 27 May 2020 the Court issued an order to accept the rehabilitation petition for consideration and has set the date of 17 August for the first hearing on the rehabilitation petition.

Effectively, from 27 May an automatic stay comes into effect which restricts Thai Airway's right to pay and incur debts and a moratorium affecting creditors' rights comes into force. 

Thai Airways has not paid any lease payments to the Company's subsidiaries since 22 May.  

The Asset Manager is in discussion with Thai Airways and also the secured lenders of the four aircraft on lease to Thai Airways and awaits further news of the Planners' intentions, which might not become clear until much nearer to the August hearing.

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.

The latest available information on the Company can be accessed via the Company's website www.aa4plus.com

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 on market abuse (MAR).

For further information, please contact:

Administrative Enquiries:

JTC Fund Solutions (Guernsey) Limited

Tel: [phone]

Shareholder Enquiries:

Nimrod Capital LLP

Richard Bolchover, Marc Gordon

Tel: [phone]

[e-mail]

The person arranging release of this announcement on behalf of the Company is Ashley Senner of JTC Fund Solutions (Guernsey) Limited.

 

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