SINGAPORE – 5 March 2020 – Avation PLC, (LSE: AVAP) the commercial passenger aircraft leasing company, announces that it has terminated the leases for two ATR 72-600 aircraft with Flybe Limited (“Flybe”). The Company holds security deposits and maintenance reserves from Flybe in relation to the aircraft.
Both aircraft were sub-leased to Loganair Limited (“Loganair”) in February this year and therefore Loganair is the current operator of record. The Company has exercised its rights to step into the sub-lease with Loganair who will become a direct customer of Avation from today. The sub-leases are on market-standard terms for aircraft of this type and age.