CHICAGO (dpa-AFX) - Avation PLC, a commercial passenger aircraft leasing company, Wednesday announced its plan to sell a Boeing (BA) 777-300ER widebody aircraft, which is currently on lease to Philippine Airlines.
The transaction, set to close in the third quarter of 2025, is estimated to generate a profit above the book value of the aircraft, releasing about $33 million after repayment of associated debt finance.
The Singapore-based company intends to use the proceeds for overall debt reduction and strategic reinvestment purposes.
Speaking about the plan, Jeff Chatfield, Executive Chairman of Avation, stated, 'The reinvestment of net proceeds will further optimize our fleet's risk profile, reduce leverage and allow further diversification thus lowering the portfolio risk.'
In the pre-market hours, BA is trading at $216.60, up 0.36 percent on the New York Stock Exchange.
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