This is why lots of airlines used to do a lot of trickery on accounting and 'sell' their aircraft and then lease them back via off balance sheet arrangements - the IFRS changes addressed this in 2016. This is a lot why airline balance sheets look so bad. They all rigged them to make them look attractive and many then did share buybacks weakening them further and enruiching executives (and shareholders) at the expense of the long-term sustainablity and inevitable bail outs in the COVID crisis (or in Qantas' case, capital riasing from JPM to protect its debt therein).
Capital Raising, page-37
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