newstodate.aero

Dec 09, 2021 (newstodate): Hit by the Covid-19 storm bringing also the world aviation to its knees, Danish regional aircraft lessor Nordic Aviation Capital is filing for Chapter 11 protection.
   The process will then begin to restructure the company, allowing it to regain its breath after gaining support from creditors.
   In  the fleet owned or managed by NAC are 480 aircraft, primarily ATR and Embraer 190/195 aircraft, with many of the aircraft parked and off-contracts.
   Whilst NAC entered the current global crisis in a strong liquidity position, the fall-out in the aviation sector as a result of the COVID-19 outbreak resulted in the Company receiving requests from the majority of lessees seeking to defer some or all elements of their lease payments.
   NAC had to renegotiate its financial obligations to fend off a looming crisis, and in July 2021 its lenders voted unanimously to approve a proposed scheme seeking to implement a standstill on and deferral in respect of certain payment of interest and principal on its borrowings, covering the next 6-12 months.
   In September 2021, Nordic Aviation Capital appointed Norman C.T. Liu as incoming President to spur the progress in its restructuring, including agreement on outline terms with its largest senior lender groups on a holistic transaction to strengthen capital structure and position the Company for long-term growth and success.
    NAC owns and manages a fleet of 480 aircraft with commitments for another 71 aircraft, taking the fleet to 561
   And NAC is the world's #1 regional lessor with the fleet representing eight percent of the global regional fleet, and 29 percent of the regional fleet owned by lessors.