Courts / Limerick / Report
Major aircraft lessor can seek creditor arrangement
Summary
The High Court has authorised Nordic Aviation Capital DAC, a leading aircraft lessor headquartered in Limerick, to pursue a scheme of arrangement with its creditors. The court heard that the Covid‑19 pandemic has severely impacted the company's business, with a sharp decline in cash collections—only 20% of expected payments were received in April—and a projected cash shortfall by July. The proposed scheme would grant a six‑to‑twelve‑month standstill on approximately €5 billion of debt, covering principal and interest, and would allow the group to continue operating its fleet of about 500 aircraft. Additional measures include a US$60 million injection from shareholders, a reduction of non‑essential spending, elimination of a US$5.7 billion uncommitted capital programme, deferral of a US$1.5 billion committed programme, and a cut in new aircraft deliveries from 21 to eight.
Who, what, where, when and why
What: Report matter: Major aircraft lessor can seek creditor arrangement. Procedural stage: hearing_or_decision
When:
- 2020 to 2025 Other
- 2020-06-09 Publication
Places mentioned
- The High Court
Topics
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