newstodate.aero

Feb 07, 2022 (newstodate): Nordic Aviation Capital has announced the appointment of Klaus Heinemann as a Strategy Consultant.
   Pending the emergence of NAC from its current Chapter 11 protection, Mr Heinemann will then be named Non-Executive Chairman of the Board to steer the restructured company into a new phase of development.
   Mr Heinemann served as CEO of AerCap Holdings NV from 2002 to 2012, where he was instrumental in building the firm into a top global aircraft lessor.
   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.