Avolon draws down on US$3.2bn unsecured revolving credit facility and cancels a number of aircraft orders 

Lessor Avolon has drawn down a US$3.2bn unsecured revolving credit facility, cancelled orders for 75 unplaced B737MAX aircraft, and removed commitments to acquire 4 A330neo aircraft due to deliver in 2021, in response to what chief executive Dómhnal Slattery, described as, “the most challenging period in the history of commercial aviation”. Avolon also revealed it has received requests from more than 80% of its current owned and managed customer base for relief from payment obligations under their leases – accounting for more than 90% of annualised contracted rental cashflow of the current owned and managed fleet, according to its Q1 business update. The