US Trustee Wants Nordic Aviation To Move Overseas Cash

By Rick Archer (January 28, 2022, 6:37 PM EST) — The U.S. Trustee is asking a Virginia bankruptcy judge to reject a request by aircraft leasing company Nordic Aviation Capital for an exemption from a legal requirement that it keep its cash in banks certified by the trustee’s office or insured by the federal government.

In a motion filed Thursday, the office said that while it understood that moving the accounts would be “inconvenient,” Nordic has not shown cause for being allowed to keep accounts open in non-U.S. Trustee-certified institutions without bonds to secure against bank failures.

Ireland-based Nordic filed for Chapter 11 in December with more than $6.3 billion in…

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