Weil Advises on $6.3B Debt Restructuring of Nordic Aviation Capital

The world’s largest regional aircraft lessor Nordic Aviation Capital (NAC) announced it successfully emerged from its pre-arranged U.S. Chapter 11 proceedings on June 1, 2022, concluding its $6.3 billion consensual debt restructuring.

Weil advised an ad hoc group of secured lenders on bespoke restructuring transactions for multiple aviation financing structures, achieving a consensual exit from the NAC structure for lenders to certain “exiting” debtors, with lenders under certain other facilities maintaining their investment in the NAC group on amended terms. The transactions, which were negotiated and implemented over 15 months, were implemented under pre-arranged U.S. Chapter 11 proceedings and involved a consensual remarketing and mortgage enforcement for certain financing arrangements.

The Weil team was led by Restructuring partners Neil DevaneyAndrew WilkinsonJenny Davidson and Matt Benson in London and Matt BarrKelly DiBlasi and David J. Cohen in New York. They were assisted in London by Restructuring counsel Nick Fortune and Harriet Fielding, Restructuring associates Jonathon NewFergus KentValean GherendiJonathan Woods and James Ekwem; and in New York by Restructuring associates Angeline HwangDaphne PapadatosFrances HaSean ShengKenny Hildebrand and Ashley Suarez. The Weil team also included New York Litigation partners Ted Tsekerides and Jared Friedmann; London Tax partner Jenny Doak, counsel Stuart Pibworth and associate Enda Kerin; London Banking partner Alastair McVeigh, counsel Luke Lado and associates Inci Aydogdu and Nika Varvariuk; and New York Structured Finance partner Ariel Kronman.

Weil worked with Moelis & Company and Alton Aviation Consulting as financial advisers, Norton Rose Fulbright LLP as aviation co-counsel and Dillon Eustace as Irish counsel.