Nordic Aviation Capital Designated Activity Company, together with its subsidiaries (“NAC” or the “Company”), the world’s largest regional aircraft lessor, today announced that it has entered into a Restructuring Support Agreement (the “RSA” or the “Agreement”) with its equity holders and lenders holding over 73% of NAC’s approximately $6.3 billion in debt obligations (collectively, the “RSA Parties”). The terms of the RSA establish the framework for a consensual and comprehensive financial restructuring that will restructure the Company’s debt obligations, provide additional capital through a new equity rights offering, and best position NAC for future growth and success as global economic and industry conditions continue to improve. To implement the financial restructuring, the Company has filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia.
In conjunction with the petitions, NAC has filed a series of motions, which, once approved by the Court, will enable the Company to operate its business in the ordinary course throughout the Chapter 11 process. These motions will also allow NAC to continue to honor obligations to its employees, customers, and suppliers on previously agreed upon schedules and terms.
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 NAC’s restructuring information line at +1-503-597-7711 (international) or 1-855-654-0899 (toll free in the U.S.).
Kirkland & Ellis LLP is serving as the Company’s restructuring counsel, Clifford Chance and William Fry LLP are serving as legal counsel, Ernst & Young is serving as restructuring advisor, and Rothschild & Co is acting as investment banker.