Avation's Claims Against Virgin Australia Admitted for $73.3 Million
August 19 2021 - 2:33AM
Dow Jones News
By Anthony O. Goriainoff
Avation PLC said Thursday that its claims against Virgin
Australia---which entered administration on April 21, 2020--and
associated entities have been adjudicated by the company's
creditors trust, and that they were admitted for a combined sum of
101.4 million Australian dollars (US$73.3 million).
The London-listed commercial-passenger-aircraft leasing company
said it anticipated receiving a proportional distribution from the
proceeds of the creditors trust in due course.
"However, no update has been given as to the timing of such
distribution nor the relevant proportion of claims to be
distributed to creditors," Avation said.
In September, the company said that most of its claim against
Virgin Australia was made up of outstanding rent and lease end
return maintenance compensation, and that the airline's
administrators had guided for an expected return to unsecured
creditors in the range of 9% to 13% of the amount owed.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
August 19, 2021 03:29 ET (07:29 GMT)
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