IN BRIEF: Avation stock declines as airBaltic files for bankruptcy

Avation PLC - Singapore-based commercial passenger aircraft leasing company - Notes that Air Baltic Corp AS, known as airBaltic, has voluntarily initiated a US chapter 11 bankruptcy process, so it can "restructure its financial obligations while continuing its operations". airBaltic says it is operating all flights as scheduled and that business will continue as usual. Also, it has raised EUR350 million in debtor-in-possession financing to support its immediate liquidity needs.

Avation says it currently has four Airbus A220 aircraft on lease to airBaltic. These leases are due to expire in 2030 and 2031. Says it understands that airBaltic intends to honour its obligations under the leases and continue paying all rents and maintenance reserves in the ordinary course of business. It plans to join with "certain other lessors...to support an efficient engagement at minimum cost." Adds that it does not expect any short-term material financial impact on business from airBaltic's restructuring.

Current stock price: 133.28 pence, down 3.6% on Monday afternoon in London

12-month change: down 19%

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