Just to clear "vendor" means airports, oil companies, GHAs, caterers. Doesn't include banks or lessors.
Correct. Vendors might include MRO's, who hold on to assets (parts, engines, other items that were being fixed). Vendors might include airports, who hold onto whatever assets they might have seized -- office chattels and whatnot.
Oil companies, GHA's and caterers probably have no assets to lay their hands on -- but they surely can deny business to the deadbeat creditor, should it try to restart -- until everything is settled.
That's already not less than 1 billion USD of debt.
Obviously, lessors dues are not "vendors debt". And that debt will surely not go away -- after frames are repoed, lessors want only return of their dues; what to negotiate about? How much writeoff would a lessor accept, vs. immediate cash settlement? Legal challenges are possible, too.
And banks want to be paid something.
That's more debt.
Large financial hole, few tangible assets, and intangibles that are soon to expire (AOC, slots, traffic rights). What a charming business prospect to invest in.