Wilmington Trust, a Delaware corporate and institutional trust services provider, has announced it has been appointed security trustee for Irish-based Nordic Aviation Capital (NAC), the company said.
The appointment was made as part of the NAC´s USD 6 billion debt restructuring, pursuant to a solvent scheme of arrangement sanctioned by the Irish High (Commercial) Court on 21 July 2020 following overwhelming creditor approval.
The transaction allows NAC to standstill on and defer principal and interest payments on its debt for the next 6 to 12 months, amid the serious impact on the aviation industry due to the COVID-19 pandemic. As security trustee, Wilmington Trust will hold security in respect of a pool of 236 aircraft supporting various NAC debt facilities.
NAC is the industry´s leading regional aircraft lessor serving approximately 75 airline customers in over 50 countries. NAC´s current fleet of almost 500 aircraft includes ATR 42, ATR 72, Bombardier Dash 8, CRJ900/1000, Airbus A220 and Embraer E-Jet family aircraft.
Wilmington Trust is a provider of services to the loan market, including independent loan agency services, for restructurings in the US and Europe. Wilmington Trust is backed by the strength and stability of its parent company, M&T Bank, with USD 124.6 billion in balance sheet assets as of March 31, 2020.