newstodate.aero

Jun 02, 2022 (newstodate): The world's largest regional aircraft lessor Nordic Aviation Capital has now exited Chapter 11 bankruptcy protection after its reorganization has been approved.
   NAC is thus again firmly positioned to remain the world’s leading regional aircraft lessor as well as delivering on its strategy to become a top 10 single-aisle commercial jet lessor.
   Since September 2021, NAC has focused on four key strategic initiatives, including right sizing the balance sheet, driving organizational change, stabilizing the portfolio and pivoting towards growth - and these efforts have now been validated and confirmed.
   As of today, a new board will be led by Chairman Klaus Heinemann and President & CEO Norman C.T. Liu with the support of non-executive directors Justin Bickle, Patrick Blaney, Martin Cooke, Paul O’Donnell, Catherine Duffy and Dermot Mannion.
   Serving over 60 customers globally, NAC’s fleet of 390 owned and on-order aircraft includes ATR 42, ATR 72, De Havilland Dash 8, Airbus A220 and Embraer E-Jet family aircraft.
   By the end of 2021, NAC owned and managed a fleet of 480 aircraft with commitments for another 71 aircraft, taking the fleet to 561.
   And NAC was the world's #1 regional lessor with a fleet representing eight percent of the global regional fleet, and 29 percent of the regional fleet owned by lessors.
   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.