REG - Avation PLC - Agreement

AvationAnnouncement

04/01/2022 08:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220104:nRSD2459Xa&default-theme=true

RNS Number : 2459X  Avation PLC  04 January 2022

Via RNS and SGXNET

AVATION PLC

("Avation" or "the Company")

 

PHILIPPINE AIRLINES EXITS BANKRUPTCY

 

Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company,
advises that its customer Philippine Airlines Ltd ("PAL") has exited
bankruptcy and has received court approval for its restructuring plan which
was effective 31 December 2021.

Pursuant to an agreement with Avation, PAL has retained a Boeing 777-300ER
aircraft on lease from Avation in accordance with the restructuring plan.

Under the terms of the restructuring Avation has been collecting monthly rent
on the aircraft based on hourly rates of utilisation in the period from
September 2021. PAL is up to date with these payments. Avation is also
entitled to receive a cash payment, in or around January 2022, relating to
utilisation for the period of 1 September 2020 to 3 September 2021 along with
a promissory note for 25% of the aggregate rent outstanding for the period
prior to 1 September 2020.

The lease will continue to until the original scheduled termination date, from
1 March 2022 the lease payments will revert to a fixed market rate rent along
with cash maintenance reserves.

Avation's Executive Chairman, Jeff Chatfield said: "The restructuring of
Philippine Airlines Ltd is a significantly recovery and positive development
for our investment in a Boeing 777-300ER aircraft."

 

 

ENDS-

Enquiries:

Avation PLC - Jeff Chatfield, Executive
Chairman
+65 6252 2077

Avation welcomes shareholder questions and comments and advises the email
address is: investor@avation.net

Notes to Editors: Avation PLC is an aircraft leasing company, headquartered in
Singapore, owning and managing a fleet of commercial passenger aircraft which
it leases to airlines around the world. More information on Avation is
available at www.avation.net (http://www.avation.net) .

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRBJMITMTAMBTT