Avation Says Virgin Australia Claims Worth $73.3 Million -- Update
August 19 2021 - 06:33AM
Dow Jones News
By Anthony O. Goriainoff
Avation PLC said Thursday that its claims against Virgin
Australia relating mostly to outstanding rent and lease end return
maintenance compensation have been calculated at around 101.4
million Australian dollars ($73.3 million) by the administrators'
creditors trust.
The London-listed commercial-aircraft leasing company added that
it expects to get a "proportional distribution" from the proceeds
in due course, although no information about timing or the final
amount has been given. Virgin Australia went into administration on
April 21, 2020.
Last September, Avation said Virgin Australia's administrators
had guided for an expected return to unsecured creditors in the
range of 9% to 13% of the amount owed.
Avation had 13 aircraft leased to Virgin Australia when it went
into administration and outstanding rent of $48.4 million. It said
last September that the airline's total debt was $74.7 million.
Avation said at the time that unearned contracted revenue from
Virgin Australia represented less than 6% of its total unearned
contracted lease revenue across all customers at the date of the
administration. This was mainly because the leases only had one to
three years left.
Shares at 1055 GMT were flat at 89 pence.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
August 19, 2021 07:27 ET (11:27 GMT)
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