REG - Avation PLC - VIRGIN AUSTRALIA CLAIMS UPDATE

AvationAnnouncement

03/05/2022 08:15

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RNS Number : 9619J  Avation PLC  03 May 2022

Via RNS and SGXNET

AVATION PLC

("Avation" or "the Company")

 

VIRGIN AUSTRALIA CLAIMS UPDATE

 

Avation PLC (LSE: AVAP) the commercial passenger aircraft leasing company was
previously advised by the Creditors' Trust that its claims against Virgin
Australia and associated entities in its administration had been adjudicated
by the Trustee and admitted for the combined sum of AUD 101.4 million
("Claims").

 

A group of nine lessors, including the Company, had taken action in the
Australian courts on the subject of the obligations of the Administrators to
pay rent, while the Administrators had control of and the Lessor's aircraft,
as well as certain costs associated with their return to airworthiness,
potentially as priority claims in the administration.  This litigation has
now been concluded with no adjustment to the Claims and with no priority claim
allowed.

 

Avation has a view that there should be no further time delay by the Trustees
and they should now pay out the Claims proportionately.  As of this date The
Company has no active litigation with Virgin's Trustees nor any of its other
clients.

 

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 (mailto: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.

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