General Announcement::VIRGIN AUSTRALIA CLAIMS UPDATE

Issuer & Securities

Issuer/ Manager
AVATION CAPITAL S.A.
Securities
AVATIONCAP US$300M6.5%210515A - US05351CAA53 - 8ULB
AVATIONCAP US$300M6.5%210515R - USL56473AA67 - 8UMB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
04-May-2022 09:31:25
Status
New
Announcement Sub Title
VIRGIN AUSTRALIA CLAIMS UPDATE
Announcement Reference
SG220504OTHR5LO5
Submitted By (Co./ Ind. Name)
Duncan Scott
Designation
Group General Counsel
Description (Please provide a detailed description of the event in the box below)
Avation PLC (LSE: AVAP) the commercial passenger aircraft leasing company was previously advised by the Creditors Trust that its claims against Virgin Australia and associated entities in its administration had been adjudicated by the Trustee and admitted for the combined sum of AUD 101.4 million ("Claims").

A group of nine lessors, including the Company, had taken action in the Australian courts on the subject of the obligations of the Administrators to pay rent, while the Administrators had control of and the Lessor s aircraft, as well as certain costs associated with their return to airworthiness, potentially as priority claims in the administration. This litigation has now been concluded with no adjustment to the Claims and with no priority claim allowed.

Avation has a view that there should be no further time delay by the Trustees and they should now pay out the Claims proportionately. As of this date The Company has no active litigation with Virgin's Trustees nor any of its other clients.

ENDS-

Enquiries:

Avation PLC Jeff Chatfield, Executive Chairman +65 6252 2077

Avation welcomes shareholder questions and comments and advises the email address is: investor@avation.net

Notes to Editors:
Avation PLC is an aircraft leasing company, headquartered in Singapore, owning and managing a fleet of commercial passenger aircraft which it leases to airlines around the world. More information on Avation is available at www.avation.net.