22 July 2020
A clear runway for Nordic Aviation Capital
McCann FitzGerald, with Clifford Chance and Rothschilds, advised the NAC Group on a US$6 billion debt standstill with over 85 lenders.
The NAC Group is the world's largest regional aircraft lessor and the fifth largest commercial aircraft lessor, with over 75 airline customers in 50 countries. The standstill was successfully implemented through an Irish scheme of arrangement which was approved by Mr Justice Barniville on 21 July 2020. An order was made the following day in the United States Bankruptcy Court recognising and enforcing the Irish scheme. The successful outcome secures the stability of the NAC Group as the aviation market gradually recovers from the COVID 19 crisis.
Michael Murphy, head of restructuring at McCann FitzGerald, advised NAC in this complex, unprecedented mandate which involved novel international cross-border issues. Michael says the case highlights the effectiveness of an Irish scheme of arrangement as a flexible, international restructuring tool and the efficiency, expertise and experience of the Irish judiciary.
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