Avation PLC (LSE:AVAP) told investors that it is set to have only three un-utilised aircraft following its efforts to reorganise its fleet in the wake of the COVID-19 pandemic.
The company, in a stock market statement, said it had entered into a number of agreements which remain subject to definitive documentation and typical closing mechanics, but would see four aircraft off the un-utilised list.
“Having had 20 aircraft returned or repossessed during the Covid-19 pandemic it is pleasing to have only three remaining aircraft to market and transition," said executive chairman Jeff Chatfield.
In the statement, which was a response to analyst questions, Avation said it had entered into a letter of intent to transition one ATR 72-600 from Golden Myanmar Airlines to a new customer, and, entered into a letter of intent for the lease of one ATR 72-500 to an Asian airline.
A further letter of intent sees a potential sale of two ATR 72-600 aircraft that were formerly on lease to Loganair.