IN BRIEF: Avation confirms Philippine Airlines retains aircraft lease

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Avation PLC - Singapore-based aircraft leasing - Confirms that Philippine Airlines has not exercised the early termination option on its lease of a Boeing 777-300ER narrow body aircraft from Avation. The option has expired as a result, and the lease will run its term to December 2029. Avation says its confirmation is in response to a question from an analyst. It doesn’t provide the value of the lease. Philippine Airlines underwent a restructuring plan in 2021 in the wake of the Covid-19 pandemic but retained the lease on the Boeing jet at that time. ‘Avation intends to grow its narrow body aircraft portfolio in the near term,’ comments Executive Chair Jeff Chatfield. ‘Avation’s fleet of aircraft is currently fully placed and being utilized.’

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