Thai disputes $7.3bn in lessor, Rolls-Royce claims

Thai Airways International (TG, Bangkok Suvarnabhumi) has challenged THB225 billion baht (USD7.26 billion) in claims filed by a total of 48 lessors and Rolls-Royce as part of the carrier's ongoing bankruptcy restructuring, Bloomberg has reported citing court documents.

In its rehabilitation plan, the Thai flag carrier argued that it was not liable for these claims since they either concerned future expenses or were incurred after the airline had filed for bankruptcy protection. Neither the airline nor any of the involved creditors commented on the report.

While the full list of lessors has not been made public, the report said Thai Airways had challenged claims lodged by BOC Aviation and SMBC Aviation Capital, among others. The total amount of debts to lessors contested by the airline is THB192 billion (USD6.2 billion). The remaining amount is a claim filed by Rolls-Royce for engine maintenance services.

Thai Airways' creditors, including the contestors, made claims amounting to THB410 billion (USD13.2 billion) during the airline's restructuring proceedings. The airline needs to secure the approval of creditors holding at least 50% of its total liabilities during a meeting scheduled for May 12 to proceed with its restructuring.

According to the ch-aviation fleets ownership module, the Thai carrier dry-leases four B777-300(ER)s from BOC Aviation and two A350-900s from SMBC. It also dry-leases aircraft from AerCap (four B787-8s and two B787-9s), DP Aircraft (two B787-8s, Park Aerospace Holdings (two A350-900s), Amedeo (four A350-900s), Aircastle, Avenue Capital Aircraft Holdings, Castlelake, and China Minsheng Investment Group (one B777-300(ER) each). The bulk of the carrier's fleet, including all fifteen A330-300s, all six A380-800s, all six B777-200ERs, and six out of fourteen B777-300(ER)s, are owned by the carrier. The airline's wholly-owned subsidiary Thai Smile leases all twenty of its A320-200s from Macquarie AirFinance (seven), DAE Capital, SMBC, Standard Chartered Aviation Finance (two each), Aircastle, and Tokyo Century (one each).