Wet-lease specialist Avion Express has completed a corporate financial restructuring undertaken after the pandemic hit.
The Lithuanian ACMI (aircraft, crew, maintenance and insurance) operator initiated formal financial restructuring in 2021 amid the impact of the Covid crisis but says it has now fulfilled its obligations to its creditors two years ahead of schedule.
Avion Express chief executive Darius Kajokas says: ”Since initiating the process, we have consistently met our commitments to our creditors and partners, while successfully growing our business, which helped us to complete the restructuring process ahead of schedule.”
A key factor has been strong demand for additional third-party capacity as airlines struggled to meet the rapid return of passenger demand with their own fleets post-pandemic.
”This led to a surge in demand for ACMI services, whereby airlines, our customers, lease aircraft together with crew, maintenance, and insurance,” Kajokas adds. ”Agility and responsiveness enabled us to offer prompt solutions for other airlines to resume their services to passengers globally.”
Avion Express, which is part of ACMI group Avia Solutions, has grown its fleet from 14 Airbus narrowbodies prior to the pandemic to more than 50 aircraft and is in the process of establishing an operation in Brazil.
