More than three years after announcing that it would file for creditor protection, Avion Express (X9, Vilnius) says it has successfully completed a corporate restructuring process and fulfilled its obligations to creditors almost two years ahead of schedule.
In late 2020, ch-aviation reported that Avion Express had started what it called a Chapter 11-type financial restructuring to address the impact of Covid-19 while continuing operations. CEO Darius Kajokas says Avion has become the first Lithuania-based carrier to work through a restructuring process successfully, and also that the airline kept operating and grew during the period.
Avion Express is an ACMI airline owned by Avia Solutions Group. According to ch-aviation fleets data, it operates twelve A320-200s, primarily for Norwegian Air Sweden, while subsidiary Avion Express Malta (4X, Malta International) operates a further 38 of the same type plus two A321-200s.
"Post-pandemic, passenger traffic rebounded rapidly, with commercial airlines racing against time to re-establish their operations," Kajokas said in a statement. "This led to a surge in demand for ACMI services whereby airlines, our customers, lease aircraft together with crew, maintenance, and insurance."
Late last year, Kajokas told ch-aviation that he expected a bumper 2023 summer season and was looking to secure additional aircraft to meet customer demand.
