5th Mar 2020 13:41
(Alliance News) - Passenger aircraft leasing firm Avation PLC said Thursday it has terminated the leases for two ATR 72-600 aircraft with Flybe Group Plc, following the airline's collapse into administration.
Flybe announced in the early hours of Thursday it has ceased trading with immediate effect and that administrators have been appointed. Crisis talks were held throughout Wednesday to try to secure a rescue package, but no deal was agreed.
The two aircraft, MSN 1260 and MSN 1277 were subleased to Scottish regional carrier Loganair in mid-February. With immediate effect, Loganair has become a direct customer of Avation.
Singapore-based Avation said it holds security deposits and maintenance reserves from Flybe in relation to the aircraft.
Shares in Aviation were down 5.6% at 247.30 pence on Thursday in London.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Avation