THAILAND. Airports of Thailand (AOT) has extended credit payment terms to concessionaires from six to 12 months at its six airports, providing additional financial relief to its beleaguered commercial partners.
In a letter to The Stock Exchange of Thailand, AOT said its board had approved a resolution to extend credit terms to 12 instead of the previously offered six months, as reported – for concession charges relating to monthly instalments from February-July 2020.
It said that this change in terms was necessary as the concessionaires are still being affected by the “severe and continuing” COVID-19 outbreak in many countries as well as governmental travel restrictions.
It added, however, that this assistance measure will be applicable only to the concessionaires who had already submitted a letter of request for payment terms extension to AOT.
For those who submit a request after the date of the AOT Board of Directors’ resolution (29 July 2020), they will be eligible for such an assistance measure “without a retroactive effect, from the instalment due whereby the concessionaires submit such a letter to AOT”.
The new 12-month terms will not at this stage be extended to the months of August-December 2020, with six months credit terms of payment remaining in place for that period.
AOT became the first airport owner to offer a relief package to its commercial partners in February this year, when measures including a -20% discount on fixed monthly fees from 1 February-31 January 2021 were offered.
The airport company operates Suvarnabhumi, Don Mueang International, Phuket International, Chiang Mai International, Hat Yai International, and Mae Fah Luang-Chiang Rai International airports.