The company said a further event of default would occur because it doesn’t intend to pay the coupon due on Dec. 25, having already missed payments in December 2022 and June 2023.

The airline’s board intends to communicate further with the holders of these notes, it said.

The bond with semi-annual payments matures on June 25 this year, according to Bloomberg-compiled data.

The airline recently extended the deadline to seek investor interest for its sale. Selection of pre-qualified bidders is now set for mid-February instead of end-January, according to a notice posted on the Finance Ministry website earlier this month. It didn’t give a reason for the postponement.