Avation PLC (LON:AVAP) told investors it has negotiated a six-year lease extension on an Asian flag carrier-operated Boeing 737-800 aircraft.
The company, in a statement, noted that the rent is at market rate and the new agreement runs to June 2028.
READ: Avation says it can operate for an extended period amid coronavirus[hhmc]
"We feel it is prudent in terms of risk mitigation to extend the duration of this lease to the year 2028, given the uncertain near term outlook for mid-life narrow-body commercial passenger aircraft," said chief executive Jeff Chatfield.
In April, the aircraft leasing firm said it can “successfully operate for an extended period greater than a year” as it unveiled a number of measures to support its finances during the coronavirus pandemic.
The aircraft leasing company said its liquidity position is “satisfactory” with total cash of US$129mln, US$53.9mln of unencumbered assets and US$11.1mln in trade receivables.
Avation also said there were no aircraft lease expiries before August 2021Read More – Source
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