newstodate.aero

Mar 16, 2023 (newstodate): Leading regional aircraft lessor Nordic Aviation Capital has been through a turbulent year - but landed well after successfully completing its Chapter-11 process in June 2022 and recording a positive outcome of 2022.
   As an integral part of the restructuring process, the fleet owned and controlled by NAG has been slimmed significantly.
   At the end of 2022, the Group thus owned 315 aircraft, compared to 480 by year-end 2021, also disposing of seven managed aircraft by the start of the year.
   On May 5, 2022, the Group relinquished control of an entity owning five aircraft upon entering into a settlement agreement with a lender, and on June 1, the Group relinquished control of 22 entities owning 86 aircraft upon implementation of the financial restructuring.
   On May 5, 2022, the Group relinquished control of an entity owning five aircraft upon entering into a settlement agreement with a lender, and on June 1, 2022, the Group relinquished control of 22 entities which owned 86 aircraft at emergence from the financial restructuring process for nil consideration.
   During 2022, 177 aircraft were disposed: 113 aircraft were transferred to lenders and other parties in connection with the successful completion of the financial restructuring process; 31 aircraft were sold, 19 aircraft were put up for sale; nine aircraft including four ATR72-600 on lease to the Russian carrier Windrose Airlines and five Embraer 190 leased to the Ukrainian carrier Ikar Airlines were lost as a consequence of the war in Ukraine, and five aircraft were redelivered to the lessor as the Group chose not to exercise the purchase option on a finance lease arrangement.  
   On May 6, 2022, the Group entered into an agreement which reduced its order book from 64 to 37 aircraft; by the end of 2022, the Group had committed to acquiring 17 ATR and 20 Airbus aircraft, down from 64 aircraft by the end of 2021, and divesting of all 25 purchase options for ATR aircraft.
   However, 2023 started out with the demise of the UK carrier Flybe on 28 January 2023 - an airline customer with nine Dash 8-Q400 leased from NAC; however, security deposits and maintenance reserves are in place for the leased aircraft and the potential net impact of this event is deemed to be immaterial.