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                                                                    Exhibit 99.1

Aviation Sales Company Enters Into Agreement With Noteholders

MIRAMAR, Fla.--(BUSINESS WIRE)--Aug. 16, 2001--Aviation Sales Company (NYSE:AVS
                                                                            ---
- news) today announced that it has entered into an agreement with the holders
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of approximately 74% of its 8-1/8% Senior Subordinated Notes to restructure
those notes.

The Company's management believes that the consummation of the restructuring of
the notes contemplated by the agreement will significantly deleverage the
Company, significantly reduce the debt service relating to the notes, increase
working capital and reposition the Company for growth in the market for aviation
maintenance, repair and overhaul services.

Roy T. Rimmer, Jr., the Company's Chairman and Chief Executive Officer, stated:
"We believe that the agreement that we have reached with our noteholders will
recapitalize our balance sheet and will move the Company substantially closer to
financial health. The restructuring will also provide our Company with the
needed additional working capital for operations. We appreciate the support of
our customers, vendors, debtholders and equity holders, and all of the hard work
and dedication of our employees, as we have worked through our financial
difficulties over the past 18 months. This agreement with our noteholders
continues the partnership that we have forged with all of the important
constituencies interested in our business, and management believes that it
insures our long-term viability and will allow us to continue to focus on the
return to financial vitality. We look forward to continuing all of these
relationships as we emerge from this period of restructuring.''

Under the agreement, the noteholders will exchange their $165 million of old
notes for $10 million in cash, $100 million of new five year notes with PIK
interest of 8% per annum and 15% of the equity in the restructured company. The
new notes will also provide that the holders will receive additional shares of
common stock if the new notes are redeemed at a discount prior to maturity. The
new notes will automatically convert into shares of common stock equal to 90% of
the reorganized entity if the new notes are not paid or redeemed by their
maturity date. The notes are redeemable at the Company's option at 70% in 2002,
or 72.5% in 2003 of the sum of par plus interest through the date of redemption
plus 15% of the common stock of the restructured company and at 73% in 2004, at
75.625% in 2005 or 77.5% in 2006 of the sum of par plus interest accrued through
the date of redemption plus 10% of the common stock of the restructured company.

In order to fund the restructuring of the notes, and to provide the Company
additional working capital to be used in connection with the restructuring, the
Company intends to conduct a rights offering of shares of its common stock to
all of its existing stockholders to raise $20 million. Lacy Harber, who
currently owns approximately 26% of the Company's outstanding common stock, has
agreed to provide the Company a standby commitment to purchase any unsold
allotments. Investors who purchase the $20 million of new Company shares will
receive 80% of the outstanding common stock of the reorganized entity.

Under the terms of the agreement, the Company's existing stockholders will own
5% of the restructured entity. Additionally, as part of the restructuring, the
Company's new noteholders and existing stockholders will each as a group be
granted warrants at a fixed price determined to purchase an additional 10%
percent of the reorganized company.

Approval of the note restructuring and the sale of equity in the rights offering
will require approval of a majority of the Company's stockholders. Completion of
the exchange offer and rights offering will be subject to the requirement that
80% of the holders of the Company's old notes tender their notes in the exchange
and consent to the removal of the non-payment covenants contained in the
indenture relating to the old notes, approval by the Company's senior lenders
and other customary conditions. The restructuring is expected to close by the
end of 2001.

As a result of the agreement, the Company has not made the interest payment due
on August 15, 2001 with respect to its old notes. In the agreement, the holders
of more than a majority of the outstanding notes have agreed to waive the
default arising as a result of the failure to pay the current interest payment.
Further, the Company's senior lenders have agreed to forbear on the default in
the Company's senior loan agreements resulting from the failure to make the note
interest payment.
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The Company intends in the near future to file registration statements relating
to the note exchange offer and the rights offering. These filings will contain
important information about the Company, the exchange offering, the rights
offering and related matters. Noteholders, stockholders and other interested
parties are urged to read the Company's filings with the SEC, including the
registration statements once they are filed, for information regarding the
Company, the note exchange offer and the rights offering. The prospectus and
consent solicitation, the related letter of transmittal and certain other
documents related to the exchange offer will be made available to all
noteholders and the prospectus relating to the rights offering will be made
available to all holders of common stock, at no expense to them. These documents
will also be available at no charge at the SEC's website at www.sec.gov. The
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notes and shares of common stock to be offered in the note exchange offer and
the shares of common stock to be offered in the rights offering may not be sold
prior to the time that the Company's registration statements become effective.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of the notes or the shares of
common stock to be offered in the rights offering in any state where such offer,
solicitation or sale would be unlawful.

Aviation Sales Company is a leading independent provider of fully integrated
aviation maintenance, repair and overhaul (MR&O) services for major commercial
airlines and maintenance and repair facilities. The Company currently operates
four MR&O businesses: TIMCO, which, with its five locations, is one of the
largest independent providers of heavy aircraft maintenance services in North
America; Aerocell Structures, which specializes in the MR&O of airframe
components, including flight surfaces; Aircraft Interior Design, which
specializes in the refurbishment of aircraft interior components; and TIMCO
Engine Center, which refurbishes JT8D engines. The Company also operates TIMCO
Engineered Systems, which provides engineering services to our MR&O operations
and our customers.

Aviation Sales Company Safe Harbor Statement:

This press release contains certain forward-looking statements, including
statements regarding the completion of the restructuring, and the expected
impact on the Company's financial condition. Forward-looking statements involve
known and unknown risks and uncertainties, which may cause the Company's actual
results in future periods to differ materially from forecasted results. A number
of factors, including those identified in the Company's Annual Report on Form
10-K for the year ended December 31, 2000 and those identified below, could
adversely affect the Company's ability to obtain these results: the Company's
ability to satisfy the conditions to the restructuring, the exchange offer and
the rights offering; the Company's ability to continue to generate sufficient
working capital to meet its operating requirements, the Company maintaining good
working relationships with its vendors and customers, the Company's ability to
achieve gross margins at which it can be profitable, including margins on
services the Company performs on a fixed price basis, competition in the
aircraft maintenance, repair and overhaul market, the Company's ability to
attract and retain qualified personnel in its business, utilization rates for
its MR&O facilities, the Company's ability to effectively manage its business,
competitive pricing for the Company's products and services, economic factors
which affect the airline industry, and changes in government regulations.
Certain of these risks are described in the Company's filings with the
Securities and Exchange Commission (SEC). Copies of the Company's SEC filings
are available from the SEC or may be obtained upon request from the Company. The
Company does not undertake any obligation to update the information contained
herein, which speaks only as of this date.
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Contact:

  Aviation Sales, Miramar
  Roy Rimmer, 954/538-8900
   or
  Morgen-Walke Associates, New York
  Gordon McCoun, Lauren Levine
  212/850-5600
  Media contact:     Emily Brunner, 212/850-5600