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the only way to stay out from PN17 will be to have SCR + funding. and that means continue to pile up debt. vicious cycle. gomen should not bail out aagb.
At this juncture, debt funding is way too expensive as even if available, private credit likely to be in double digits % and with very strict collateral terms. Cash to revenue ratio will be really ugly based on steep margin compression (or loss position) from current high jet fuel prices (averaging US$191) & capacity reductions.