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…

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

About Wanda Dufresne

Check Also

America’s Plan to Defeat Both Russia and China

U.S. strategy against Russia must succeed in order to make success of U.S. strategy against …