(Alliance News) - Avation PLC on Tuesday said it has pressed for a prompt payment of the settlement agreed with the administrators of collapsed airline Virgin Australia.
The Singapore-based passenger aircraft leasing company is still awaiting the receipt of its share of AUD101.4 million, around GBP57.5 million, of funds from the creditors' trust, which was acting as the administrator of Virgin Australia and associated entities.
The claims came from a group of nine lessors, including Avation, and concerned the administrator's rental payment obligations, and costs associated with returning aircraft to airworthiness, "potentially as priority claims".
The litigation now is concluded, with no adjustments to the claims and no priority claim allowed, Avation said.
"Avation has a view that there should be no further time delay by the trustees and they should now pay out the claims proportionately," it said.
Shares in Avation were down 3.7% to 76.60 pence each in London on Tuesday shortly after midday.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Avation (AVAP)