Avation PLC (LSE:AVAP) said it had signed agreements for the sale of three ATR 72-600 aircraft to Aegean Airlines of Greece.
These aircraft are three of five ATR 72-600s returned to the company following the voluntary administration of Virgin Australia (ASX:VAH) in 2020.
Avation, which flagged the sale in September, added the propellor-powered aircraft will be delivered to Aegean following maintenance and preparation and the customary conditions precedent being satisfied on each delivery.
Jeff Chatfield, executive chairman, said the sale releases tied up equity for Avation and allows the company to re-focus on future growth.