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Nordic Aviation Capital Files for Bankruptcy Protection

This press release was orginally distributed by ReleaseWire

N. Chesterfield, VA -- (ReleaseWire) -- 12/20/2021 -- Nordic Aviation Captital ("NAC"), the world's largest regional aircraft lessor and the sixth largest commercial aircraft lessor, has filed for bankruptcy seeking to restructure its debt under chapter 11 of the bankruptcy code. Bankruptcy petitions were filed by NAC and over 100 affiliated debtors. NAC and its affiliated debtors filed for bankruptcy protection on December 17, 2021 and December 19, 2021 in the Eastern District of Virginia, Richmond Division.

NAC announced that it has entered into a restructuring support agreement ("RSA") with over 73% of NAC's approximately $6.3 billion in debt obligations. 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.

The RSA contemplates a consensual and comprehensive restructuring of the Company's debt obligations with an infusion of $537 million in additional capital through a $337 million new equity rights offering and a new $200 million revolving credit facility.

NAC has obtained an additional $170 million debtor in possession financing facility from its existing creditors to help fund operations during the Chapter 11 process. The additional capital will serve to support the Company's liquidity position and its plans to pursue growth in purchasing aircraft.

NAC's has asked that its bankruptcy cases be jointly administered under its chapter 11 case identified as Nordic Aviation Capital Designated Activity Company, Case No. 21-33693. The bankruptcy case is to be presided over by Judge Kevin Huennekens. Proposed counsel for NAC are the law firms of Kirkland & Ellis LLP and Kutak Rock LLP. Epiq is proposed to serve as the noticing and claims agent.

The hearings on NAC's first day motions are scheduled for December 21st at 9:00 a.m. and will be conducted via Zoom in the virtual courtroom of Judge Huennekens.

Ronald Page (http://rpagelaw.com) is a corporate bankruptcy attorney based in Richmond, Virginia. Ronald Page, PLC has extensive experience serving as local counsel and representing secured and unsecured creditors in bankruptcy proceedings. Please contact Ronald Page, a Richmond Virginia Bankruptcy Attorney (http://rpagelaw.com/), if you need assistance protecting your interests in NAC's bankruptcy.

Contact Information
Ronald Page, PLC
http://rpagelaw.com
PO Box 73087
N. Chesterfield, VA 23235
(804) 562-8704

For more information on this press release visit: http://www.releasewire.com/press-releases/nordic-aviation-capital-files-for-bankruptcy-protection-1350809.htm

Media Relations Contact

Ronald Page
Telephone: 1-804-562-8704
Email: Click to Email Ronald Page
Web: https://rpagelaw.com/

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