Avation completes $31m sale of six ATR aircraft
Avation
172.50p
17:00 18/11/24
Commercial passenger aircraft leasing company Avation announced on Friday that, further to its announcement on 24 April, the sale of six aircraft pursuant to sale and purchase agreements with Chorus Aviation Capital Corporation and its subsidiaries had now been satisfactorily completed.
Industrial Transportation
4,486.57
17:09 18/11/24
The London-listed firm said the sale of the aircraft released approximately $31m in net proceeds to the company after costs and associated debt repayments.
It said it would consider the redeployment of the proceeds through the acquisition of additional aircraft in order to “further diversify” Avation's portfolio.
The sale consisted of six ATR 72-600 turboprop aircraft, with three currently on lease to UK airline Flybe and three on lease to Virgin Australia Airlines.
“The addition of ATRs to our leased fleet adds a further element of diversification to our business,” said Chorus president and CEO Joe Randell.
“Through Chorus Aviation Capital, we are not only diversifying our customer base and geographic footprint, but also the aircraft types we can offer the market as we pursue our vision of delivering regional aviation to the world.”