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PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The composition by category of Property, plant and equipment is as follows:
| Gross Book Value |  | Accumulated depreciation |  | Net Book Value
| As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2023 |  | As of December 31, 2022
| ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
a) Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |
Construction in progress (1) | 258,246 |  |  | 388,810 |  |  | — |  |  | — |  |  | 258,246 |  |  | 388,810 |
Land | 44,244 |  |  | 44,349 |  |  | — |  |  | — |  |  | 44,244 |  |  | 44,349 |
Buildings | 129,036 |  |  | 124,507 |  |  | (61,478) |  |  | (55,511) |  |  | 67,558 |  |  | 68,996 |
Plant and equipment | 10,738,500 |  |  | 11,135,425 |  |  | (4,508,356) |  |  | (4,836,926) |  |  | 6,230,144 |  |  | 6,298,499 |
Own aircraft (3) | 9,856,365 |  |  | 10,427,950 |  |  | (4,259,729) |  |  | (4,619,279) |  |  | 5,596,636 |  |  | 5,808,671 |
Other (2) | 882,135 |  |  | 707,475 |  |  | (248,627) |  |  | (217,647) |  |  | 633,508 |  |  | 489,828 |
Machinery | 29,092 |  |  | 27,090 |  |  | (27,716) |  |  | (25,479) |  |  | 1,376 |  |  | 1,611 |
Information technology equipment | 163,382 |  |  | 153,355 |  |  | (146,040) |  |  | (136,746) |  |  | 17,342 |  |  | 16,609 |
Fixed installations and accessories | 186,179 |  |  | 155,351 |  |  | (131,769) |  |  | (118,279) |  |  | 54,410 |  |  | 37,072 |
Motor vehicles | 49,560 |  |  | 51,504 |  |  | (44,385) |  |  | (46,343) |  |  | 5,175 |  |  | 5,161 |
Leasehold improvements | 266,631 |  |  | 202,753 |  |  | (53,201) |  |  | (42,726) |  |  | 213,430 |  |  | 160,027 |
Subtotal Properties, plant and equipment | 11,864,870 |  |  | 12,283,144 |  |  | (4,972,945) |  |  | (5,262,010) |  |  | 6,891,925 |  |  | 7,021,134 |
b) Right of use |  |  |  |  |  |  |  |  |  |  |
Aircraft (3) | 5,388,147 |  |  | 4,391,690 |  |  | (3,243,065) |  |  | (3,064,869) |  |  | 2,145,082 |  |  | 1,326,821 |
Other assets | 248,614 |  |  | 246,078 |  |  | (194,491) |  |  | (182,372) |  |  | 54,123 |  |  | 63,706 |
Subtotal Right of use | 5,636,761 |  |  | 4,637,768 |  |  | (3,437,556) |  |  | (3,247,241) |  |  | 2,199,205 |  |  | 1,390,527 |
Total | 17,501,631 |  |  | 16,920,912 |  |  | (8,410,501) |  |  | (8,509,251) |  |  | 9,091,130 |  |  | 8,411,661 |
(1)As of December 31, 2023, includes advances paid to aircraft manufacturers for ThUS$242,069 (ThUS$357,979 as of December 31, 2022). (2)Consider mainly rotables and tools. (3)There were reclassified to Non-current assets or groups of assets for disposal as held for sale the following aircrafts: As of December 31, 2023, one Boeing B767 and six Airbus A320, as of December 31, 2022, six Airbus A320 and twenty-eight Airbus A319 (see Note 13). (a)Movement in the different categories of Property, plant and equipment:
| Construction in progress |  | Land |  | Buildings net |  | Plant and equipment net |  | Information technology equipment net |  | Fixed installations & accessories net |  | Motor vehicles net |  | Leasehold improvements net |  | Property, Plant and equipment net
| ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Opening balance as of January 1, 2021 | 377,961 |  |  | 42,978 |  |  | 65,207 |  |  | 7,698,969 |  |  | 14,831 |  |  | 49,199 |  |  | 396 |  |  | 74,408 |  |  | 8,323,949 |
Additions | 84,392 |  |  | 1,550 |  |  | 92 |  |  | 563,023 |  |  | 6,455 |  |  | 6 |  |  | 17 |  |  | 6,543 |  |  | 662,078 |
Disposals | — |  |  | — |  |  | — |  |  | (169) |  |  | (26) |  |  | (309) |  |  | (17) |  |  | — |  |  | (521) |
Rejection fleet | — |  |  | — |  |  | — |  |  | (469,878) |  |  | — |  |  | — |  |  | — |  |  | (46,816) |  |  | (516,694) |
Retirements | (279) |  |  | — |  |  | — |  |  | (44,684) |  |  | (212) |  |  | (1,885) |  |  | — |  |  | (26) |  |  | (47,086) |
Depreciation expenses | — |  |  | — |  |  | (4,074) |  |  | (620,349) |  |  | (4,345) |  |  | (8,304) |  |  | (61) |  |  | (11,649) |  |  | (648,782) |
Foreign exchange | (1,720) |  |  | (1,252) |  |  | (833) |  |  | (19,199) |  |  | (404) |  |  | (1,752) |  |  | (11) |  |  | (13,074) |  |  | (38,245) |
Other increases (decreases) (*) | 13,443 |  |  | — |  |  | 59 |  |  | (538,996) |  |  | 537 |  |  | 1,786 |  |  | 1 |  |  | 123,589 |  |  | (399,581) |
Changes, total | 95,836 |  |  | 298 |  |  | (4,756) |  |  | (1,130,252) |  |  | 2,005 |  |  | (10,458) |  |  | (71) |  |  | 58,567 |  |  | (988,831) |
Closing balance as of December 31, 2021 | 473,797 |  |  | 43,276 |  |  | 60,451 |  |  | 6,568,717 |  |  | 16,836 |  |  | 38,741 |  |  | 325 |  |  | 132,975 |  |  | 7,335,118 |
Opening balance as of January 1, 2022 | 473,797 |  |  | 43,276 |  |  | 60,451 |  |  | 6,568,717 |  |  | 16,836 |  |  | 38,741 |  |  | 325 |  |  | 132,975 |  |  | 7,335,118 |
Additions | 16,332 |  |  | — |  |  | — |  |  | 843,808 |  |  | 6,426 |  |  | 113 |  |  | 258 |  |  | 27,160 |  |  | 894,097 |
Disposals | — |  |  | — |  |  | — |  |  | (4,140) |  |  | — |  |  | (264) |  |  | (3) |  |  | — |  |  | (4,407) |
Retirements | (75) |  |  | — |  |  | (2) |  |  | (42,055) |  |  | (24) |  |  | (836) |  |  | — |  |  | (313) |  |  | (43,305) |
Depreciation expenses | — |  |  | — |  |  | (3,285) |  |  | (669,059) |  |  | (5,662) |  |  | (7,914) |  |  | (55) |  |  | (13,071) |  |  | (699,046) |
Foreign exchange | (1,282) |  |  | 1,073 |  |  | 918 |  |  | 11,527 |  |  | (84) |  |  | 2,365 |  |  | (28) |  |  | 7,593 |  |  | 22,082 |
Other increases (decreases) (*) | (99,962) |  |  | — |  |  | 10,914 |  |  | (403,950) |  |  | (883) |  |  | 4,867 |  |  | (74) |  |  | 5,683 |  |  | (483,405) |
Changes, total | (84,987) |  |  | 1,073 |  |  | 8,545 |  |  | (263,869) |  |  | (227) |  |  | (1,669) |  |  | 98 |  |  | 27,052 |  |  | (313,984) |
Closing balance as of December 31, 2022 | 388,810 |  |  | 44,349 |  |  | 68,996 |  |  | 6,304,848 |  |  | 16,609 |  |  | 37,072 |  |  | 423 |  |  | 160,027 |  |  | 7,021,134 |
Opening balance as of January 1, 2023 | 388,810 |  |  | 44,349 |  |  | 68,996 |  |  | 6,304,848 |  |  | 16,609 |  |  | 37,072 |  |  | 423 |  |  | 160,027 |  |  | 7,021,134 |
Additions | 8,835 |  |  | — |  |  | — |  |  | 870,640 |  |  | 5,794 |  |  | 4,246 |  |  | — |  |  | 48,866 |  |  | 938,381 |
Disposals | — |  |  | — |  |  | — |  |  | (2,701) |  |  | (1) |  |  | — |  |  | (16) |  |  | — |  |  | (2,718) |
Retirements | (83) |  |  | — |  |  | — |  |  | (87,652) |  |  | (12) |  |  | (2) |  |  | — |  |  | — |  |  | (87,749) |
Depreciation expenses | — |  |  | — |  |  | (4,104) |  |  | (716,590) |  |  | (5,918) |  |  | (8,789) |  |  | (68) |  |  | (10,185) |  |  | (745,654) |
Foreign exchange | 726 |  |  | 1,445 |  |  | 1,505 |  |  | 23,845 |  |  | 536 |  |  | 1,276 |  |  | 12 |  |  | 11,497 |  |  | 40,842 |
Other increases (decreases) (*) | (140,042) |  |  | (1,550) |  |  | 1,161 |  |  | (156,046) |  |  | 334 |  |  | 20,607 |  |  | — |  |  | 3,225 |  |  | (272,311) |
Changes, total | (130,564) |  |  | (105) |  |  | (1,438) |  |  | (68,504) |  |  | 733 |  |  | 17,338 |  |  | (72) |  |  | 53,403 |  |  | (129,209) |
Closing balance as of December 31, 2023 | 258,246 |  |  | 44,244 |  |  | 67,558 |  |  | 6,236,344 |  |  | 17,342 |  |  | 54,410 |  |  | 351 |  |  | 213,430 |  |  | 6,891,925 |
(*) This Amount included the following aircrafts reclassified to Non-current assets or groups of assets for disposal as held for sale: As of December 31, 2023, one Boeing B767 ThUS$(21,578) and six Airbus A320 ThUS$(36,326). As of December 31, 2022, six Airbus A320 ThUS$(29,328) and twenty-eight Airbus A319 ThUS$(373,410). As of December 31, 2021, includes advances paid to aircraft manufacturers for ThUS$ 377,590. (b)Right of use assets:
| Aircraft |  | Others |  | Net right of use assets
| ThUS$ |  | ThUS$ |  | ThUS$
Opening balance as of January 1, 2021 | 2,338,042 |  |  | 68,277 |  |  | 2,406,319 |
Additions | 537,995 |  |  | 1,406 |  |  | 539,401 |
Fleet rejection (*) | (573,047) |  |  | (4,577) |  |  | (577,624) |
Depreciation expense | (317,616) |  |  | (16,597) |  |  | (334,213) |
Cumulative translate adjustment | (574) |  |  | (1,933) |  |  | (2,507) |
Other increases (decreases) (**) | 116,942 |  |  | 6,431 |  |  | 123,373 |
Total changes | (236,300) |  |  | (15,270) |  |  | (251,570) |
Closing balance as of December 31, 2021 | 2,101,742 |  |  | 53,007 |  |  | 2,154,749 |
Opening balance as of January 1, 2022 | 2,101,742 |  |  | 53,007 |  |  | 2,154,749 |
Additions | 372,571 |  |  | 13,087 |  |  | 385,658 |
Depreciation expense | (249,802) |  |  | (16,368) |  |  | (266,170) |
Cumulative translate adjustment | 919 |  |  | 1,392 |  |  | 2,311 |
Other increases (decreases) (***) | (898,609) |  |  | 12,588 |  |  | (886,021) |
Total changes | (774,921) |  |  | 10,699 |  |  | (764,222) |
Closing balance as of December 31, 2022 | 1,326,821 |  |  | 63,706 |  |  | 1,390,527 |
Opening balance as of January 1, 2023 | 1,326,821 |  |  | 63,706 |  |  | 1,390,527 |
Additions | 1,013,314 |  |  | 2,988 |  |  | 1,016,302 |
Depreciation expense | (178,570) |  |  | (14,816) |  |  | (193,386) |
Cumulative translate adjustment | 56 |  |  | 3,351 |  |  | 3,407 |
Other increases (decreases) | (16,539) |  |  | (1,106) |  |  | (17,645) |
Total changes | 818,261 |  |  | (9,583) |  |  | 808,678 |
Closing balance as of December 31, 2023 | 2,145,082 |  |  | 54,123 |  |  | 2,199,205 |
(*) Include aircraft lease rejection due to Chapter 11. (**) Includes the renegotiations of 92 aircraft (1 A319, 37 A320, 12 A320N, 19 A321, 1 B767, 6 B777 and 16 B787). (***) Include the renegotiations of 115 aircraft (1 A319, 39 A320, 14 A320N, 30 A321, 1 B767, 6 B777 and 24 B787). (c)Fleet composition
|  |  |  | Aircraft included in Property, plant and equipment |  | Aircraft included as Rights of use assets |  | Total fleet |
Aircraft |  | Model |  | As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2023 |  | As of December 31, 2022 |
Boeing 767 |  | 300ER |  | 11 | (3) | 15 |  | — |  | — |  | 11 |  | 15 |
Boeing 767 |  | 300F |  | 16 | (2) (3) | 13 | (2) | 1 |  | 1 |  | 17 |  | 14 |
Boeing 777 |  | 300ER |  | 4 |  | 4 |  | 6 |  | 6 |  | 10 |  | 10 |
Boeing 787 |  | 8 |  | 4 |  | 4 |  | 6 |  | 6 |  | 10 |  | 10 |
Boeing 787 |  | 9 |  | 2 |  | 2 |  | 24 |  | 19 |  | 26 |  | 21 |
Airbus A319 |  | 100 |  | 11 |  | 12 | (2) | 1 |  | 1 |  | 12 |  | 13 |
Airbus A320 |  | 200 |  | 83 | (2) | 88 | (2) | 46 |  | 40 | (1) | 129 |  | 128 |
Airbus A320 |  | NEO |  | 1 |  | 1 |  | 23 |  | 15 |  | 24 |  | 16 |
Airbus A321 |  | 200 |  | 19 |  | 19 |  | 30 |  | 30 |  | 49 |  | 49 |
Airbus A321 |  | NEO |  | 0 |  | 0 |  | 7 |  | — |  | 7 |  | — |
Total |  |  |  | 151 |  | 158 |  | 144 |  | 118 |  | 295 |  | 276 |
(1) Include one aircraft with a short-term lease, which was excluded from the right of use. (2) Some aircraft of these fleets were reclassified to non-current assets or groups of assets for disposal as held for sale, (see Note 13). (3) Considers the conversions from Boeing 767-300ER to Boeing 767-300F Aircraft. (d)Method used for the depreciation of Property, plant and equipment:
|  |  | Useful life (years)
| Depreciation method |  | minimum |  | maximum
Buildings | Straight line without residual value |  | 20 |  | 50
Plant and equipment | Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. (*) |  | 5 |  | 30
Information technology equipment | Straight line without residual value |  | 5 |  | 10
Fixed installations and accessories | Straight line without residual value |  | 10 |  | 10
Motor vehicle | Straight line without residual value |  | 10 |  | 10
Leasehold improvements | Straight line without residual value |  | 5 |  | 8
Assets for rights of use | Straight line without residual value |  | 1 |  | 25
(*)Except in the case of the Boeing 767 300ER, Airbus 320 Family and Boeing 767 300F fleets that consider a lower residual value, due to the extension of their useful life to 22, 25 and 30 years respectively. Additionally, certain technical components are depreciated based on cycles and hours flown. (e)Additional information regarding Property, plant and equipment: (i)Property, plant and equipment pledged as guarantee: Description of Property, plant and equipment pledged as guarantee:
|  |  |  |  |  |  |  | As of December 31, 2023 |  | As of December 31, 2022
Guarantee agent (1) |  | Creditor company |  | Committed Assets |  | Fleet |  | Existing Debt |  | Book Value |  | Existing Debt |  | Book Value
|  |  |  |  |  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Wilmington Trust Company |  | MUFG |  | Aircraft and engines |  | Airbus A319 |  | 2,703 |  |  | 12,326 |  |  | 4,554 |  |  | 13,205 |
|  |  | Airbus A320 |  | 17,441 |  |  | 151,873 |  |  | 33,154 |  |  | 203,788 |
|  |  | Boeing 767 |  | 20,427 |  |  | 143,281 |  |  | 35,043 |  |  | 164,448 |
|  |  | Boeing 777 |  | 132,585 |  |  | 144,186 |  |  | 141,605 |  |  | 144,065 |
Credit Agricole |  | Credit Agricole |  | Aircraft and engines |  | Airbus A319 |  | 3,413 |  |  | 3,752 |  |  | 3,518 |  |  | 5,311 |
|  |  | Airbus A320 |  | 190,001 |  |  | 142,075 |  |  | 195,864 |  |  | 161,397 |
|  |  | Airbus A321 |  | 6,007 |  |  | 4,393 |  |  | 6,192 |  |  | 4,827 |
|  |  | Boeing 767 |  | 8,849 |  |  | 23,018 |  |  | 9,121 |  |  | 23,323 |
|  |  | Boeing 787 |  | 58,499 |  |  | 38,971 |  |  | 60,305 |  |  | 34,077 |
Bank Of Utah |  | BNP Paribas |  | Aircraft and engines |  | Boeing 787 |  | 171,704 |  |  | 208,601 |  |  | 184,199 |  |  | 221,311 |
Total direct guarantee |  |  |  |  |  |  |  | 611,629 |  |  | 872,476 |  |  | 673,555 |  |  | 975,752 |
(1) For syndicated loans, given their own characteristics, the guarantee agent is the representative of the creditors. The amounts of the current debts are presented at their nominal value. The net book values correspond to the assets granted as collateral. Additionally, there are indirect guarantees associated with assets booked within Property, Plant and Equipment whose total debt as of December 31, 2023, amounts to ThUS$898,166 (ThUS$1,037,122 as of December 31, 2022). The book value of the assets with indirect guarantees as of December 31, 2023, amounts to ThUS$1,925,069 (ThUS$2,306,233 as of December 31, 2022). As of December 31, 2023, the Company keeps valid letters of credit related to right of use assets according to the following detail:
Creditor Guarantee |  | Debtor |  | Type |  | Value ThUS$ |  | Release date
GE Capital Aviation Services Ltd. |  | LATAM Airlines Group S.A. |  | Three letters of credit |  | 5,544 |  |  | Dec 6, 2024
Merlin Aviation Leasing (Ireland) 18 Limited RB Comercial Properties 49 |  | Tam Linhas Aéreas S.A. |  | Two letters of credit |  | 3,852 |  |  | Mar 11, 2024
Empreendimentos Imobiliarios LTDA |  | Tam Linhas Aéreas S.A. |  | One letter of credit |  | 25,820 |  |  | Apr 29, 2024
|  |  |  |  |  | 35,216 |  |  |
(ii)Commitments and others Fully depreciated assets and commitments for future purchases are as follows:
| As of December 31, 2023 |  | As of December 31, 2022
| ThUS$ |  | ThUS$
Gross book value of fully depreciated property, plant and equipment still in use | 288,454 |  |  | 266,896 |
Commitments for the acquisition of aircraft (*) | 15,700,000 |  |  | 13,100,000 |
(*) According to the manufacturer’s price list. Aircraft purchase commitments:
|  | Year of delivery
Manufacturer |  | 2024 |  | 2025 |  | 2026 |  | 2027-2030 |  | Total
Airbus S.A.S. |  |  |  |  |  |  |  |  |  |
A320neo Family |  | 3 |  | 11 |  | 9 |  | 65 |  | 88
The Boeing Company |  |  |  |  |  |  |  |  |  |
Boeing 787-9 |  | — |  | — |  | — |  | 5 |  | 5
Total |  | 3 |  | 11 |  | 9 |  | 70 |  | 93
As of December 31, 2023, as a result of the different aircraft purchase contracts signed with Airbus S.A.S., 88 Airbus aircraft of the A320 family remain to be received with deliveries between 2024 and 2030. The approximate amount, according to manufacturer list prices, is ThUS$13,800,000. As of December 31, 2023, as a result of the different aircraft purchase contracts signed with The Boeing Company, 5 Boeing aircraft of the 787 Dreamliner remain to be received with deliveries between 2027 and 2028. The approximate amount, according to manufacturer list prices, is ThUS$1,900,000. Aircraft operational lease commitments: As of December 31, 2023, as a result of the different aircraft operating lease contracts signed with AerCap Holdings N.V., 4 Airbus aircraft of the Airbus A320neo family with delivery between 2024 and 4 Boeing 787 Dreamliner aircraft with delivery dates within 2025 remain to be received. As of December 31, 2023, as a result of the different aircraft operating lease contracts signed with Aergo, 1 Boeing 787 Dreamliner aircraft, with delivery dates within 2024, remain to be received. As of December 31, 2023, as a result of the different aircraft operating lease contracts signed with Air Lease Corporative , 1 Airbus aircraft of the A320neo family with delivery dates within 2024 remain to be received. As of December 31, 2023, as a result of the different aircraft operating lease contracts signed with Avolon Aerospace Leasing Limited, 2 Airbus aircraft of the A320neo family with delivery date within 2024 remain to be received. As of December 31, 2023, as a result of the different aircraft operating lease contracts signed with Air Lease Corporation, 5 Airbus A321XLR family aircraft with delivery dates between 2025 and 2026 remain to be received. (iii)Capitalized interest costs with respect to Property, plant and equipment.
|  |  | For the year ended At December 31,
|  |  | 2023 |  | 2022 |  | 2021
Average rate of capitalization of capitalized interest costs | % |  | 10.66 |  |  | 7.12 |  |  | 3.52 |
Costs of capitalized interest | ThUS$ |  | 10,136 |  |  | 10,575 |  |  | 11,627 |
(f) Assumption, Amendment & Rejection of Executory Contracts & Leases On June 28, 2020, the Bankruptcy Court authorized the Debtors to establish procedures for the rejection of certain executory contracts and unexpired leases and on September 24, 2020, the Bankruptcy Court authorized the Debtors to establish procedures for the rejection of certain unexpired aircraft lease agreements, aircraft engine agreements and the abandonment of certain related assets. In accordance with these rejection procedures, the Bankruptcy Code and the Bankruptcy Rules the Debtors have or will reject certain contracts and leases (see notes 18 and 26). Relatedly, the Bankruptcy Court approved the Debtors’ request to extend the date by which the Debtors may assume or reject unexpired non-residential, real property leases until December 22, 2020. Pursuant to the Disclosure Statement Order, the Debtors have until the Effective Date of the Plan (as defined in the Plan) to assume or reject executory contracts and unexpired leases. Further, the Debtors have filed motions to reject certain aircraft and engine leases and related agreements: Bankruptcy Court approval date: Asset rejected: January 29, 2021 (i) 2 Airbus A320-family aircraft April 23, 2021 (i) 1 Airbus A350-941 aircraft May 14, 2021 (i) 6 Airbus A350 aircraft June 17, 2021 (i) 1 Airbus A350-941 aircraft June 24, 2021 (i) 3 Airbus A350-941 aircraft November 3, 2021 (i) 1 Rolls-Royce Trent XWB-84K engine; (ii) 1 Rolls-Royce International Aero Engine AG V2527M-A5; January 5, 2022 (i) General Terms Agreement between Rolls-Royce PLC and Rolls- Royce Totalcare Services Limited and TAM Linhas Aereas S.A.; March 22, 2022 (i) 1 International Aero Engines AG V2527-A5 engine; and May 18, 2022 (i) Framework Deed Relating to the purchase and leaseback of ten used Airbus A330-200 aircraft, nine new Airbus A350-900 aircraft, four new Boeing 787-9 aircraft and 2 new Boeing 787-8 aircraft. As of December 31, 2021, and as a result of these contract rejections, performance obligations with the lenders and lessors were extinguished and the Company lost control over the related assets resulting in the derecognition of the assets and the liabilities associated with these aircraft. See Note 18 and 26. Contracts rejected during 2022 in the previous table do not result in changes in the asset or liabilities structure of the Company, since these were general terms of agreement for purchases, engine maintenance contracts and short term leases which according to the accounting policies (see Note 2) should not be registered as right of use assets. The Debtors also have filed motions to enter into certain new aircraft lease agreements, including: Bankruptcy Court Approval Date: Counterparty / Aircraft March 8, 2021 Vermillion Aviation (nine) Limited, Aircraft MSNs 4860 and 4827 April 12, 2021 Wilmington Trust Company, Solely in its Capacity as Trustee, Aircraft MSNs 6698, 6780, 6797, 6798, 6894, 6895, 6899, 6949, 7005, 7036, 7081 May 30, 2021 UMB Bank N.A., Solely in its Capacity as Trustee, Aircraft MSNs 38459, 38478, 38479, 38461 August 31, 2021 (i) Avolon Aerospace Leasing Limited or its Affiliates, Aircraft MSNs 38891, 38893, 38895 (ii) Sky Aero Management Ltd. ten Airbus A320neo February 23, 2022 Vmo Aircraft Leasing, Two Boeing 787-9 March 17, 2022 Avolon Aerospace Leasing Limited, two Airbus A321neo March 17, 2022 Air Lease Corporation, three Airbus A321NX March 17, 2022 AerCap Ireland, two Airbus A321-200NEO March 18, 2022 CDB Aviation Lease Finance DAC, two Airbus A321NX April 14, 2022 Macquarie Aircraft Leasing Services (Ireland) Ltd., one Airbus A320-233 June 29, 2022 UK Export Finance, four Boeing 787-9 August 12, 2022 Air Lease Corporation, three Airbus A321XLR September 8, 2022 Air Lease Corporation, two Airbus A321XLR In addition, the Debtors also have filed motions to enter into certain aircraft lease amendment agreements which have the effect of, among other things, reducing the Debtors’ rental payment obligations and extension on the lease term. Certain amendments also involved updates to related financing arrangements. These amendments include: Bankruptcy Court Approval Date: Amended Lease Agreement/Counterparty April 14, 2021 (1) Bank of Utah (2) AWAS 5234 Trust (3) Sapucaia Leasing Limited, PK Airfinance US, LLC and PK Air 1 LP April 15, 2021 Aviator IV 3058, Limited April 27, 2021 Bank of America Leasing Ireland Co., May 4, 2021 (1) NBB Grosbeak Co., Ltd , NBB Cuckoo Co., Ltd., NBB-6658 Lease Partnership, NBB-6670 Lease Partnership and NBB Redstart Co. Ltd. (2) Sky High XXIV Leasing Company Limited and Sky High XXV Leasing Company Limited (3) SMBC Aviation Capital Limited May 5, 2021 (1) JSA International US Holdings LLC and Wells Fargo Trust Company N.A. (2) Orix Aviation Systems Limited May 27, 2021 (1) Shenton Aircraft Leasing 3 (Ireland) Limited. (2) Chishima Real Estate Company, Limited and PAAL Aquila Company Limited May 28, 2021 MAF Aviation 1 Designated Activity Company May 30, 2021 (1) IC Airlease One Limited (2) UMB Bank, National Association, Macquarie Aerospace Finance 5125-2 Trust and Macquarie Aerospace Finance 5178 Limited (3) Wilmington Trust SP Services (Dublin) Limited (4) Aercap Holdings N.V. (5) Banc of America Leasing Ireland Co. (6) Castlelake L.P. July 1, 2021 EX-IM Fleet July 8, 2021 Greylag Goose Leasing 38887 Designated Activity Company July 15, 2021 (1) ECAF I 40589 DAC (2) Wells Fargo Company, National Associates, as Owner Trustee (3) Orix Aviation Systems Limited (4) Wells Fargo Trust Company, N.A. July 20, 2021 (1) Avolon AOE 62 Limited (2) Avolon Aerospace (Ireland) AOE 99 Limited, Avolon Aerospace (Ireland) AOE 100 Limited, Avolon Aerospace (Ireland) AOE 101 Limited, Avolon Aerospace (Ireland) AOE 102 Limited, Avolon Aerospace (Ireland) AOE 103 Limited, Avolon Aerospace AOE 130 Limited, Avolon Aerospace AOE 134 Limited July 27, 2021 (1) Merlin Aviation Leasing (Ireland) 18 Limited (2) JSA International U.S. Holdings, LLC August 30, 2021 (1) Yamasa Sangyo Aircraft LA 1 Kumiai and Yamasa Sangyo Aircraft LA2 Kumiai (2) Dia Patagonia Ltd. and DIa Iguazu Ltd. Condor Leasing Co., Ltd., FC Initial Leasing Ltd., Alma Leasing Co., Ltd., and FI Timothy Leasing Ltd. (3) Platero Fleet (4) SL Alcyone Ltd. (5) NBB Crow Co., Ltd. (6) NBB Sao Paulo Lease Co., Ltd., NBB Rio Janeiro Lease Co., Ltd. And NBB Brasilia Lease LLC (7) Gallo Finance Limited (8) Orix Aviation Systems Limited The lease amendment agreements were accounted for as lease modifications (see Note 18). In relation to several of these lease amendment agreements, the Debtors entered into claims settlement stipulations for prepetition amounts due upon assumption of those agreements

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