Nordic Aviation Capital Obtains Confirmation of Reorganization Plan

– Overwhelming support from shareholders and creditors

– Strengthening of the financial situation with $337 million offer of participation rights and $200 million new confirmed revolving credit facility in place

– Emergence of Chapter 11 expected before the end of May

LIMERICK, Ireland, April 19, 2022 /PRNewswire/ — Nordic Aviation Capital Designated Activity Company (“NAC” or the “Company”) today announced that the United States Bankruptcy Court for the Eastern District of Virginia (the “Court”) confirmed the Company’s reorganization plan (the “Plan”) which should enable the Company to exit Chapter 11 before the end of May. The Plan was approved by the Court with the consent of the Company’s existing shareholders and over 99% of voting creditors voted in favor of the Plan, reflecting broad consensus among the Company’s stakeholders.

The plan, which will come into effect upon emergence, will reduce NAC’s total outstanding debt by $4.1 billion in various shareholding, sale and recapitalization transactions. With a brew up close $540 million in new capital through approximately $337 million in new equity financings and $200 million In new revolving loans, the scheme achieves significant financial flexibility to support continued investment in the company’s long-term growth. In addition, the plan will extend existing maturities of funded debt and effect the orderly exit of certain groups of creditors from the reorganized NAC structure. Importantly, NAC’s restructuring will preserve the strength of the platform and the longstanding relationships the company has with its customers and suppliers. The company will maintain its position as one of the largest lessors in the world, with more than 350 aircraft on lease to a diverse customer base.

“With today’s confirmation, we have reached a critical milestone for NAC,” said Justin Bicklevice-president of the NAC and president of its restructuring committee. “We are grateful to Judge Huennekens for his diligent oversight of this Chapter 11 matter. This significant milestone represents the successful culmination of much hard work by many stakeholders, including months of constructive negotiations with our creditors. On behalf of the entire CNA Board of Directors, I would like to express our gratitude to all of our stakeholders for their continued activity and support, without which we would not have been able to confirm our barely four months after our initial filing.”

Norman CT LiuNAC President and CEO said: “With the Court’s approval of our plan today and a committed new group of investors, we are on course to exit Chapter 11 by the end of next month as a well-established company. capitalized, with the flexibility and resources to position ourselves for rebound and growth. We appreciate the dedication and support of our employees, customers and partners during this process and the strong support of our creditors.”

Further information

Additional information about the company’s Chapter 11 cases, including access to court filings and other documents related to the restructuring process, is available at https://dm.epiq11.com/nac or by calling the NAC Restructuring Information Line at +1-503-597-7711 (international) or 1-855-654-0899 (US toll-free).

Kirkland & Ellis LLP is acting as the company’s restructuring advisor, Clifford Luck and William Fry LLP are acting as legal advisors, Ernst & Young as restructuring advisor and Rothschild & Co as investment banker.

About Nordic Aviation Capital

NAC is the industry’s leading regional aircraft lessor serving nearly 70 airlines in approximately 45 countries. NAC’s fleet includes ATR 42, ATR 72, De Havilland Dash 8, Mitsubishi CRJ900/1000, Airbus A220 and Embraer E-Jet aircraft.

For more information, visit www.nac.dk

Contact details:
Nordic Aviation Capital: [email protected]
Media contact: [email protected]; +353 85 116 7640

SOURCE Nordic Aviation Capital


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