Nordic Aviation Capital emerges from bankruptcy

(PICTURE: Airbus) Aviation Capital (NAC) announced that it had successfully emerged from the Chapter 11 restructuring process, after receiving confirmation of its reorganization plan from the bankruptcy court on April 19. The company said it was now “well positioned for the future, having eliminated nearly $4.1 billion of debt, while significantly improving its liquidity, with access to approximately $537 million of additional capital to finance operations and growth opportunities”.

Since September 2021, NAC has focused on four strategic initiatives, including balance sheet resizing, driving organizational change, stabilizing the portfolio and pivoting to growth. Progress has been made across all initiatives and the company is on track for recovery and growth, supporting its goal of remaining the world leader in regional aircraft leasing and expanding into single-aisle areas adjacent properties by leveraging its world-class asset management platform.

As outlined in NAC’s Reorganization Plan, NAC has appointed a new Board of Directors effective immediately. The board will be led by Chairman Klaus Heinemann and Chairman and CEO Norman CT Liu with support from non-executive directors Justin Bickle, Patrick Blaney, Martin Cooke, Paul O’Donnell, Catherine Duffy and Dermot Mannion.

Heinemann said, “I am delighted to join NAC’s Board of Directors at this pivotal time in the company’s history. I would like to thank the outgoing NAC Board of Directors for their diligent guidance throughout what has been a complex and difficult process. Today we begin a new chapter at NAC with a strategy focused on growth and I look forward to working with the NAC team to help drive the company’s strategic plan and achieve long-term sustainable success. .

Liu said: “Substantial progress has been made to ensure we move forward with a strong financial foundation, a leaner and more efficient operating model and access to growth capital to invest in our business. I look forward to the months ahead as we reposition ourselves for growth. I would like to thank our employees, customers and business partners for their unwavering support, which has allowed us to maintain normal operations throughout this process.

The release follows the company’s recent rating announcements. S&P has assigned issuer credit ratings of “B” to Nordic Aviation Capital DAC and Nordic Aviation Capital 29 and an issue level rating of “B” to Nordic Aviation Capital 29 Senior Secured Notes and Senior Secured Term Loan B , with a stable outlook. Moody’s has assigned a corporate group rating of ‘B2’ to Nordic Aviation Capital DAC and an issue level rating of ‘B2’ to Nordic Aviation Capital 29 Senior Secured Notes and Senior Secured Term Loan B, with a stable outlook.

NAC is a regional aircraft lessor with more than 60 customers worldwide. NAC’s fleet of 390 owned and ordered aircraft includes ATR 42s, ATR 72s, De Havilland Dash 8s, Airbus A220s and Embraer E-Jet family aircraft.

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