newstodate.aero

Sep 24, 2021 (newstodate): The Covid-19 has taken a hard toll on the aviation industry, hitting hard also at Nordic Aviation Capital, a leading Danish regional aircraft leasing company.
   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.
   Now, Nordic Aviation Capital has appointed Norman C.T. Liu as incoming President and makes substantial 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.
   -I look forward to working with NAC’s global team and customer base in these highly challenging times. We have much work to do on restoring the balance sheet and portfolio, but I am confident that we will be well-positioned as the industry recovers from the pandemic, the incoming President Liu says in a statement today.
   In consultation with some of its largest creditors, NAC has engaged an internationally recognized executive search firm to identify potential director candidates for its post-restructuring Board.
   NAC owns and manages a fleet of 490 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.