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(Alliance News) - Avation PLC on Monday said it has issued default notices to Thomas Cook Group PLC to repossess its two aircraft with the collapsed holiday operator.
Avation, an aircraft leasing company, has two Airbus A321 aircraft with Thomas Cook and, having sent default notices, will repossess them "as quickly as possible ". The firm plans to "remarket the aircraft in the ordinary course of business" as both planes "are of a popular type and are relatively new".
Avation has letters of credit which are security for rent deposits and maintenance obligations for the two aircraft leased to Thomas Cook.
While Avation does intend to evaluate the potential harm to its business caused by the Thomas Cook liquidation, right now it is not anticipating "any material impact on operations".
Shares in Avation were down 0.8% at 293.50 pence in London on Monday.
Thomas Cook entered liquidation early Monday as bruising competition and growing debt finally took its toll on one of the world's oldest tour operators.