Last July, NAC’s lenders unanimously agreed to a standstill of interest and capital payments on its borrowings. That standstill runs through the end of June 2021 and the Company will continue to engage with its lenders on a strategic plan after that date. Martin Moller, the Company’s founder and former Chairman, has informed NAC that Axiom Group, representing his family office, is exploring its options with respect to investing in the equity of NAC in the event of a restructuring of the Company’s obligations. Two of NAC’s shareholders, EQT VI and GIC, have indicated that they have decided not to further invest in the business.
The situation today follows a unanimously approved standstill on, and deferral of, certain payments of interest and principal on its borrowings secured by the Company in July 2020, and after Axiom Group, EQT VI, and GIC invested USD 60 million of additional equity into the company. To provide further support to the company, five new independent directors were also appointed to NAC’s Board in January 2021, adding significant expertise and the necessary skillsets to help guide the Company through the disruption caused by COVID-19. We are grateful to all shareholders for their support to date and for their ongoing commitment to acting in NAC’s best interests.
Justin Bickle, Vice Chairman of NAC and Chairman of its Restructuring Committee said: “Last year’s forbearance from lenders has been hugely helpful to NAC during the ongoing COVID-19 pandemic, and we are grateful to lenders and their advisers for their constructive engagement with the Company and its advisers in recent weeks. We note that Martin Moller of Axiom Group is ready to consider re-investment, subject to ongoing negotiations, and look forward to engaging with Axiom Group and its advisers on a potential path forward.
The industry has faced unique uncertainties over the past 12 months. We are encouraged for the future of aviation by the progress of the global vaccination rollout, but realise it is a long route back.
The Company continues to remain focused on supporting its customers through these challenging times and engaging with stakeholders on a value-maximizing solution that will ensure the Company’s success as a go-forward enterprise.”
About Nordic Aviation Capital
NAC is the industry’s leading regional aircraft lessor serving approximately 75 airline customers in over 50 countries. NAC’s current fleet of almost 500 aircraft includes ATR 42, ATR 72, De Havilland Dash 8, Mitsubishi CRJ900/1000, Airbus A220 and Embraer E-Jet family aircraft.
For additional information, please visit us at www.nac.dk
Contact Details: NAC, Sandra Leahy +35361432469 email@example.com / Powerscourt, Eavan Gannon +353872365973 NAC@powerscourt-group.com