Avation PLC RESPONSE TO MEDIA SPECULATION (7298Q)
29 October 2021 - 8:01PM
UK Regulatory
TIDMAVAP
RNS Number : 7298Q
Avation PLC
29 October 2021
Via RNS and SGXNET
AVATION PLC
("Avation" or "the Company")
RESPONSE TO MEDIA SPECULATION
Avation PLC (LSE: AVAP) the commercial passenger aircraft
leasing company advises that there has been media speculation in
relation to certain of the Company's leases. The Company wishes to
clarify that, notwithstanding recent stories in the press, all the
Company's leases remain in force and ongoing, save as otherwise
announced.
During the period of the pandemic, the Company entered into a
number of agreements with airlines to provide them with financial
support. As the pandemic has progressed, some of these earlier
lease amendment agreements with airlines were superseded and became
obsolete. Where appropriate, the Company has taken steps to
formally terminate these earlier lease amendment agreements in the
context of negotiations with airlines for further COVID-19
financial support.
Where appropriate, the Company does use formal legal proceedings
to protect its legal position. However, this has always been in the
context of ongoing discussions with airlines in relation to
reaching agreement on the settlement of COVID-19 related rental
arrears. The Company is satisfied that it has, at this stage,
received sufficient commitments from its airline customers to
suspend further actions in respect to any material claims in active
legal proceedings.
Executive Chairman Jeff Chatfield said "In the dialogue with our
airline customers we have needed to strike a balance between
supporting them and protecting the Company's revenues, which task
has not been easy; we believe we have managed this balance
appropriately. The Company has made substantial progress in leasing
or selling the aircraft returned by Virgin Australia. Philippine
Airlines is retaining our Boeing 777-300ER aircraft and is paying
rents under the airline's plan of reorganization. With the
remaining agreements in principle reached with our airline
customers, the material COVID-19 challenges facing the Company have
been navigated, enabling the Company to begin looking to recovery
and growth."
-ENDS -
Enquiries:
Avation PLC - Jeff Chatfield, Executive Chairman +65 6252
2077
Avation welcomes shareholder questions and comments and advises
the email address is: investor@avation.net
Notes to Editors:
Avation PLC is an aircraft leasing company, headquartered in
Singapore, owning and managing a fleet of commercial passenger
aircraft which it leases to airlines around the world. More
information on Avation is available at www.avation.net.
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END
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