One of the planes on Nordic Aviation Capital’s website. The airplane leasing huge is trying to get individual bankruptcy defense in Richmond. (Screenshot)
By way of Eire, a person of the world’s most significant aircraft leasing businesses has touched down in Richmond as it seeks individual bankruptcy security.
Nordic Aviation Money, which owns a fleet of hundreds of airplanes that it leases to national and regional airways globally, submitted for Chapter 11 reorganization in Richmond’s federal courtroom around the weekend.
Saddled with a lot more than $6 billion in credit card debt, it is at least the ninth large out-of-city company to bring its complex bankruptcy filing to Richmond given that the pandemic commenced. The community federal courthouse has a name as a location favorable to significant debtors and bankruptcy procedures allow organizations to file in practically any district in which they perform business.
Other the latest filings here include things like retailers these types of as Paper Resource, Guitar Centre, J. Crew and Pier 1 Imports, along with Luxembourg-based mostly telecom large Intelsat and radio station giant Alpha Media.
Such cases maintain area attorneys active for typically yrs at a time. In this case, Michael Condyles and Peter Barrett of regulation company Kutak Rock landed the generally coveted purpose of area counsel, operating on behalf of lead individual bankruptcy agency Kirkland & Ellis.
The federal courthouse in Richmond in which the Nordic Aviation Money bankruptcy case will be determined.
Other firms landing get the job done in the scenario thus much contain Whiteford Taylor Preston, and Woods Rogers.
The Nordic Aviation circumstance includes a lot more than 100 entities currently being put into Chapter 11. The filing will allow the firm to keep on operations even though restructuring that debt load with its lenders.
The organization, which touts alone as the world’s fifth most significant aircraft leasing organization, has a fleet of more than 500 aircraft utilised by airways these kinds of as Air Canada, British Airways and dozens far more.
The firm stated upon exiting from personal bankruptcy it will be greater part owned by its two largest collectors, which according to media experiences are Silver Level Cash and Sculptor Cash Management.
First hearings in the circumstance are to be held today. The bulk of personal bankruptcy hearings are getting location pretty much thanks to the pandemic.
Choose Kevin Huennekens is presiding above the circumstance.
Ernst & Younger is Nordic Aviation’s restructuring adviser. Rothschild & Co. is its financial commitment banker.