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Avation not aware of any decision by Virgin to return five ATR72-600 aircraft

Avation said it has an agreement with the administrator of Virgin Australia to ensure that the aircraft are properly maintained and stored, and that it will liaise with Virgin regarding the use of the five planes

Avation PLC - Avation not aware of any decision by Virgin to return five ATR72-600 aircraft

Avation PLC (LON:AVAP) said it is “not aware of any decision” by Virgin to return five of its ATR72-600 aircraft that are currently leased to the travel group.

Responding to a question from a bondholder concerning Virgin Australia’s planned future operations, Avation said it expects its four remaining ATR72-500 aircraft leased to Virgin will be returned and the company and it is remarketing these aircraft to airlines for lease or sale.

READ: Avation reports strong cash balance as airline customers return to the skies

Regarding the ATR72-600 aircraft, Avation said it has an agreement with the administrator of Virgin Australia to ensure that these aircraft are being properly maintained and stored, and that it will liaise with Virgin regarding the continued use of the five planes and will update when appropriate.

Avation also said on August 5 it repurchased US$2.4mln of Avation Capital 6.5% senior notes due 2021 issued under its global medium term note programme. The notes were acquired through the market at a price equal to 71 per cent of face value and will be cancelled.

The company’s shares were 1.1% lower at 135p in late-morning trading on Wednesday.

Quick facts: Avation PLC

Price: 120 GBX

LSE:AVAP
Market: LSE
Market Cap: £75.2 m
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