In light of the rapid spread of COVID-19 and the subsequent travel restrictions that have been put in place by various governments, there has been an increasingly significant negative impact on the demand for global air traffic and on the entire aviation industry.
Avia Solutions Group plc (ASG), the parent company of ASG Finance Designated Activity Company, has established a task force to monitor and address the situation as it continues to develop. ASG is implementing several initiatives in response to this challenging market environment.
As part of these initiatives, ASG is taking steps in order to reduce operating and capital expenses to improve cash flow. These initiatives include reducing and deferring capital spending, cutting any non-essential spending, freezing recruitment and temporarily suspending employment contracts subject to local legislation.
Given the continued uncertainty on the potential impact and duration of COVID-19, it is currently impossible to predict the final impact and ramifications of the COVID-19 outbreak. However, the ASG group currently has sufficient liquidity and is well positioned to withstand a significant market shock.
For further information, please contact:
Head of Investor Relations