One of the planes on Nordic Aviation Capital’s web site. The plane leasing giant is looking for bankruptcy defense in Richmond. (Screenshot)
By way of Ireland, a single of the world’s greatest aircraft leasing companies has touched down in Richmond as it seeks individual bankruptcy safety.
Nordic Aviation Money, which owns a fleet of hundreds of airplanes that it leases to nationwide and regional airlines globally, submitted for Chapter 11 reorganization in Richmond’s federal courtroom around the weekend.
Saddled with much more than $6 billion in credit card debt, it’s at minimum the ninth major out-of-city corporation to convey its complex personal bankruptcy filing to Richmond because the pandemic began. The regional federal courthouse has a popularity as a location favorable to substantial debtors and individual bankruptcy guidelines permit companies to file in pretty much any district in which they conduct organization.
Other recent filings here contain retailers these kinds of as Paper Resource, Guitar Heart, J. Crew and Pier 1 Imports, alongside with Luxembourg-based telecom giant Intelsat and radio station giant Alpha Media.
This sort of conditions hold local attorneys occupied for typically decades at a time. In this scenario, Michael Condyles and Peter Barrett of regulation company Kutak Rock landed the frequently coveted position of local counsel, working on behalf of guide bankruptcy organization Kirkland & Ellis.
The federal courthouse in Richmond in which the Nordic Aviation Cash personal bankruptcy circumstance will be determined.
Other companies landing function in the scenario as a result significantly consist of Whiteford Taylor Preston, and Woods Rogers.
The Nordic Aviation case consists of more than 100 entities being place into Chapter 11. The filing will permit the organization to proceed operations when restructuring that credit card debt load with its lenders.
The organization, which touts by itself as the world’s fifth most significant aircraft leasing firm, has a fleet of additional than 500 plane utilised by airways these types of as Air Canada, British Airways and dozens far more.
The enterprise claimed upon exiting from personal bankruptcy it will be bulk owned by its two biggest creditors, which in accordance to media studies are Silver Stage Money and Sculptor Funds Administration.
First hearings in the case are to be held right now. The bulk of personal bankruptcy hearings are getting spot just about because of to the pandemic.
Decide Kevin Huennekens is presiding over the circumstance.
Ernst & Youthful is Nordic Aviation’s restructuring adviser. Rothschild & Co. is its expenditure banker.