SMBC Aviation Capital defers delivery of 68 Boeing 737 MAX aircraft out to 2025-2027

SMBC Aviation Capital provided (03-Jun-2020) an update on the impact of COVID-19 on its business:

• Deferred the delivery of 68 Boeing 737 MAX aircraft until 2025-2027;
• Received strong strategic alignment and support from shareholders, SMBC and Sumitomo Corporation, with USD10.6 billion in support provided, comprising USD2.9 billion of equity and USD7.7 billion of debt financing, of which USD3.2 billion was undrawn as at 31-Mar-2020;
• Available liquidity of USD6.3 billion, with diversified funding sources and unrestricted cash balance as at 31-Mar-2020.

SMBC Aviation Capital CEO Peter Barrett said: "The pandemic will have a significant and potentially prolonged impact on the aviation industry. However, this period has also demonstrated the importance of air travel to the global economy and we believe that the sector will work together to address the current challenges to support economic recovery". [more - original PR]