LONDON – Nordic Aviation Capital Designated Activity Company (NAC) is poised for further growth after successfully undergoing a Chapter 11 restructuring process.
Irish based company NAC confidently exists the Chapter 11, restructuring process and remains hopeful to hold the position of the worlds leading regional aircraft lessor.
By emerging from the restructuring process NAC will have a ‘deleveraged’ balance sheet and an increase in access to capital to cater to future growth.
On 19th April of this year, NAC received a confirmation of its Plan of Reorganisation from the Bankruptcy Court that it is no longer under the Chapter 11 bankruptcy protection clause.
This means that NAC is now ready to emerge stronger than before after clearing nearly $4.1 billion worth of debt, while at the same time increasing its liquidity.
The company has access to approximately $537 million in additional capital to finance its operations and growth ambitions.
Under NAC’s reorganisation plan, NAC has picked a new board of directors with immediate effect. Klaus Heinemann will be the Chairman whilst Norman C.T. Liu will be the CEO and President, accompanied by the support of non-executive directors Justin Bickle, Patrick Blaney, Martin Cooke, Paul O’Donnell, Catherine Duffy and Dermot Mannion.
Klaus Heinemann, Chairman of the Board, said, “I am delighted to join the NAC Board at this pivotal time in the Company’s history.”
“I would like to thank the outgoing NAC Board for their diligent guidance through what has been a complex and challenging process.”
“Today we begin a new chapter at NAC with a strategy focused on growth and I look forward to working with the NAC team to help drive the Company’s strategic plan and achieve sustainable, long-term success.”
Norman C.T. Liu, President & CEO of NAC said, “Substantial progress has been made to ensure that we are moving forward with a solid financial foundation, a leaner and more efficient operating model and access to growth capital to invest in our business.”
“I look forward to the months ahead as we reposition ourselves for growth. I want to thank our employees, customers and business partners for their steadfast support, which allowed us to maintain normal operations throughout this process.”
Since September of last year (2021) the company has reshifted its strategy and has focused on the 4 key strategic milestones:
- Right-Sizing
- Organizational Change
- Portfolio Stabilisation
- Pivoting Toward Growth
Progress has been made across all 4 milestones and is on track for further growth. This will maintain the leasing company’s status to be the global leader in managing single-aisle and regional aircraft.
NAC’s fleet portfolio includes over 390 owned and ordered aircraft, consisting of ATR 42, ATR 72, De Havilland Dash 8, Airbus A220 and Embraer E-Jet family aircraft.
NAC serves over 60 customers globally. NAC has no plans to specialise in wide-body fleets but will focus on narrow-body jets as a process to streamline its operations.
