20 June 2022
- Richard Evans, Ryan Wild, Yosuke Nomura, Emma Durrell, Mitchell Paul, Zarrar Sehgal, Michelle M. McGreal, Jennifer DeMarco
Clifford Chance advises Nordic Aviation Capital on its c.$6.3bn debt restructuring
International law firm Clifford Chance has advised Nordic Aviation Capital (NAC), the world’s largest regional aircraft lessor, on the successful restructuring of approximately $6.3bn of its secured and unsecured debt. Clifford Chance has advised NAC since the outset of its restructuring process, with discussions first beginning in March 2020.
This complex restructuring required the development, negotiation and coordination of a significant number of interlocking transactions across NAC's capital structure, and was ultimately implemented using a pre-arranged U.S. Chapter 11 process. It now leaves NAC well-positioned for the future having eliminated nearly $4.1b of debt, while significantly enhancing its liquidity, with access to approximately $537m in additional capital to fund operations and growth opportunities.
The Clifford Chance team was led by partners William Glaister (London, Asset Finance) and Richard Evans (London, Asset Finance), with support from partners Zarrar Sehgal (New York, Asset Finance), Jennifer DeMarco and Michelle McGreal (New York, Restructuring), senior associates James McNicol, Ryan Wild, Rachel Thomasen, Su Lin Khor and Yosuke Nomura and associates Chayanis Luxsuwong, Emma Durrell and Mitchell Paul. Numerous other lawyers and trainees from offices across the Clifford Chance network provided further local law and specialist advice across a wide range of areas.