Danish regional aircraft lessor Nordic Aviation Capital Designated Activity Company, NAC, has filed for voluntary Chapter 11 restructuring with the Richmond (Virginia) Eastern District Bankruptcy Court. The lessor confirmed this on December 20. The filing, which was done on December 17 and 19, includes NAC holding and 112 affiliated companies. COVID-crisis forces lessor NAC to file for Chapter 11.
NAC says it has entered a Restructuring Support Agreement with equity holders and lenders that covers 73 percent of its $6.3 billion debt, or $4.6 billion. The lessor has total liabilities of $8.0 billion. The very complex capital structure with sixty aircraft owing entities, twelve service and fifteen leasing entities plus one joint-venture has made an agreement with all creditors complicated.
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