Agree. The best assumption is probably that demand picks up slowly and flights will be resumed gradually, so they will have excess planes parked on the ground for 12-18 months. So as soon as they start selling tickets again (liquidity comes in) they will have enough spare capacity to refit those planes sitting idle on the ground.
But that is precisely where the equation won’t work any more: many planes on the ground/more than planned, not generating any cash, cash that is missing for the refurbishment.
I am quite pessimistic for a sustained refurbishment program.