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 1 June 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 Devaney, Andrew Wilkinson, Jenny Davidson and Matt Benson in London and Matt Barr, Kelly DiBlasi and David J. Cohen in New York. They were assisted in London by Restructuring counsel Nick Fortune, Restructuring associates Jonathon New, Fergus Kent, Valean Gherendi, Jonathan Woods and James Ekwem; and in New York by Restructuring associates Angeline Hwang, Daphne Papadatos, Frances Ha, Sean Sheng, Kenny 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.

About Weil’s Restructuring Department

Weil invented much of what has become standard practice in the restructuring field. For more than 50 years, Weil has played a pivotal role in defining this field by offering creative, practical and thoughtful solutions for its clients. The Firm has served as chief debtors’ counsel in six of the seven largest U.S. bankruptcy filings in history and has represented clients in numerous complicated cross-border insolvency and restructuring matters. Weil’s global Restructuring group of more than 100 dedicated lawyers coordinate across the United States, Europe, Middle East and Asia to provide clients with innovative, bespoke solutions to complex cross-border restructurings. Weil’s broad-based experience also includes numerous significant creditor representations, representations of purchasers and sellers of distressed assets, and substantial litigation.