Well put your self in the shoes of the creditor, if you were to say no to the deal and walk away, knowing that Thai Airways is asset light right now, you would only be walking away with 12% lol
Compared to agreeing, sure you get nothing short term, but in 3 years you get paid fully what is better? Also wouldn't the gov try to sweeten the deal for them even in the short term as well? I would assume they wouldn't lump sum in 3 years, but instead workout installments over the course of 3 years to take care of the creditors.
The fact that largest shareholder, finance minister is involved, tells me the gov will take care of the creditors cos its in their best interest to get this rehab plan approved especially with tourist season (biggest revenue of country) and pandemic going under control
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