Courts / Limerick / Report
High Court approves leading aircraft lessor's scheme with lenders
Summary
The High Court approved a scheme of arrangement for Nordic Aviation Capital DAC, an Irish aircraft lessor, to continue operating amid the Covid‑19 pandemic. Judge David Barniville granted the order after over 90% of creditors, both secured and unsecured, voted in favour. The scheme will suspend millions of euros in principal and interest payments due over the next six to twelve months on more than €5 billion of debt. It also requires shareholders to inject US$60 million, cuts non‑essential spending, and defers a US$1.5 billion committed capital programme while eliminating a US$5.7 billion uncommitted programme. Delivery of new aircraft is reduced from 21 to eight. The arrangement was presented by counsel Lyndon MacCann SC and supported by all creditor groups, with no objections recorded. The court noted that without the scheme the company feared running out of cash by the end of July.
Who, what, where, when and why
What: Report matter: High Court approves leading aircraft lessor's scheme with lenders. Procedural stage: hearing_or_decision
When:
- 2020 to 2025 Other
- 2020-07-21 Publication
Places mentioned
- The High Court
Topics
Related court reports
- Manager at global IT firm denies company 'lied' about position of former Irish employee
- High Court refuses to surrender Limerick man wanted for alleged human trafficking in Greece
- Tipperary man admits attempted murder
- Volunteer who said he was sacked for warning Church officials of 'rogue' relic traders can't pursue case, WRC rules
- Appearance of tips machine in cafe that pulled in €5k unexplained, tribunal notes
- 'You've to get the morning after pill': man who was 18 when he raped girl (15) gets seven years
If a fact, identity, locality or legal outcome needs review, email the newsroom with this report's details prefilled.
Email a correction request