3 April 2020
DP Aircraft I Limited (the "Company")
Company Update - suspension of dividends
Further to its announcement of 23 March 2020, the Board of DP Aircraft I Limited can confirm that discussions are continuing with both Norwegian Air ("Norwegian") in respect of its ongoing lease obligations to the Company, and Norddeutsche Landesbank Girozentrale on behalf of the lending banks providing debt financing in respect of the two aircraft leased to Norwegian.
While these discussions are progressing in a constructive fashion, the ongoing and open-ended nature of the Covid-19 crisis means that they are unlikely to be concluded in short order. Given the absence of immediate clarity as to the basis upon which the situation will be resolved, and in order to place the Company in the best possible position in its discussions with its lenders, the Board is of the view that it would be prudent at this time to suspend the payment of dividends with immediate effect and until further notice. As previously noted, the Board's priority lies in preserving the long-term financial stability of the Company; and maintaining an appropriate level of liquidity is a key facet in doing so.
The Board will keep the Company's dividend policy under ongoing review and will make a further announcement as and when there are any material developments in connection therewith.
Aztec Financial Services (Guernsey) Limited, Company Secretary
+44 1481 748833
Kellie Blondel / Laura Dunning
