1st Sep 2020 20:57
Avation PLC - London-based aircraft leasing company - Following Virgin Australia's administration, notes release of report to creditors providing guidance that the expected return to unsecured creditors will be 9% to 13% of the amount owed should the deed of company arrangement be approved at a creditors meeting for September 4. Proposed settlement of claims set for June 30, 2021.
Avation had 13 aircraft on lease to Virgin Australia at the time of administration and has entered into new lease arrangements for five of these aircraft, while eight of the aircraft are in line to be respositioned or sold.
Avation preliminary proof of debt claim against Virgin Australia amounts to USD74.7 million.
Current stock price: 115.00 pence
Year-to-date change: down 57%
By Dayo Laniyan; [email protected]
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