Nordic Aviation Capital scheme approved by High Court

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

Nordic Aviation Capital secured High Court approval for its scheme of arrangement with lenders on 21 July 2020. The scheme followed the Covid-19 pandemic’s severe impact on aviation and received support from more than 90 per cent of the different creditor classes.

Mr Justice David Barniville found he had jurisdiction to make the order and considered the scheme fair and equitable. The arrangement put principal and interest payments on more than €5 billion of debt on hold for six to 12 months, while shareholders were to inject $60 million and planned capital spending was reduced or deferred.