Lessor Nordic Aviation Capital (NAC) has emerged from Chapter 11 restructuring process, having eliminated nearly $4.1 billion of debt.
As part of its restructuring process, the lessor increased its liquidity with access to $537 million in additional capital to fund operations.
“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,” Norman C.T. Liu, President & CEO of NAC announced in a statement.
In December 2021, NAC filed for Chapter 11 bankruptcy proceedings. In April 2022, NAC received approval for its restructuring plan from the Bankruptcy Court.
The NAC restructuring plan focused on four initiatives, including balance sheet stabilization, organizational change, financial growth, and portfolio stabilization.
As part of the restructuring plan, NAC has appointed a new board of directors. Currently, the new board is led by Norman Liu and Klaus Heinemann.