LONDON – Azorra, a Floridian-based commercial aircraft leasing company is now welcoming 11 aircraft owned by NAC (Nordic Aviation Capital).
This move is seen as welcomed by NAC as it just successfully emerged from Chapter 11 bankruptcy protection.
The Floridian leasing company has signed a purchase agreement for the purchasing of 11 Brazillian-made Embraer E-Jet aircraft to be further leased to four airlines.
All 11 aircraft were owned and operated by Nordic Aviation Capital (NAC). This eases lots of pressure on the cash-strapped Irish-based leasing company.
John Evans, Azorra’s CEO. “This acquisition further diversifies our growing portfolio and is weighted towards E195s, where we see healthy near-term demand and longer-term potential for freighter conversions. It also expands existing, valued relationships with airlines that Azorra’s team has worked with for many years.”
Right after the conclusion of this deal, the Floridian-based leasing company will own and manage 71 jets. Out of all 71 jets, 19 aircraft are on lease at 19 airlines in 15 countries.
Moreover, the leasing company also has plans to commit to buying an additional 49 additional aircraft.
This also includes spare engines. Interestingly, being a commercial leasing expert, the firm also exploring purchasing 42 new Airbus ACJ220, and also Embraer E2 aircraft in passenger configuration.
NAC Emerges from Chapter 11
Taking the hit from the Pandemic, Nordic Aviation Capital took its biggest toll and filed for Chapter 11 Bankruptcy protection in December 2021.
This meant that NAC had to be more streamlined, and focus on the 4 points of balance sheet stabilization, organizational change, financial growth, and portfolio stabilization.
A result of this, this explains why Azorra acquired 11 aircraft from NAC, to improve its cash flow, and support NACs effort in rejigging its fleet portfolio.
Norman C.T. Liu, President & CEO of NAC announced in a statement. “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.”
Though the NAC has been going through Chapter 11, earlier this month NAC emerged from the bankruptcy process and has shaved $4.1 billion of debt.
Azorra is an aircraft leasing company that is based in Fort Lauderdale, Florida USA. The aircraft leasing company is a relationship-driven airline aircraft lessor, which provides leasing, financing, and asset management consultancies to companies, from large airlines to small regional operators.
Azora deals with both small narrowbody, regional aircraft and crossbody aircraft. Azorra has many reasons to be optimistic about the future, as it focuses on the regional aircraft market, which is poised to grow even further due to airlines being cautiously optimistic and are exploring options to take in more regional aircraft in the future.