Nordic Aviation Capital scheme sanctioned by High Court

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

Mr Justice David Barniville sanctioned Nordic Aviation Capital Designated Activity Company’s amended creditor scheme in the High Court on 21 July 2020.

The Limerick-based aircraft leasing company, whose business had been severely affected by the Covid-19 pandemic, obtained orders to convene creditor meetings on 9 June 2020.

The amended scheme was unanimously approved at meetings on 9 July 2020. Creditors representing 98% of unsecured debt by value and 91% of secured debt by value attended the respective meetings and voted in favour.

At the sanction hearing on 21 July, representatives of a secured creditor group and two unsecured creditor groups supported the application. The judge gave an oral judgment immediately afterwards, sanctioned the scheme and directed that a certificate be issued concerning the court’s jurisdiction.

Mr Justice Barniville delivered a more detailed written judgment on 11 September 2020.