The five key points arising from the Norwegian Air Shuttle examinership

Earlier today, 26 May 2021, the final condition to the restructuring plan for the Norwegian Air Shuttle group was met, allowing the Examiner’s scheme to become effective: confirmation that the business has successfully raised 6bn NOK.

Filed under:
European Union, Norway, United Kingdom, Aviation, Insolvency & Restructuring, Litigation, A&L Goodbody, Insolvency Act 1986 (UK)
Authors:
David Baxter , Marie O'Brien , Marsha Coghlan , Brian O’Malley , Mark Traynor , Maria McElhinney , David Berkery , Seamus O'Croinin , Andrea Lawler , Stephen Ahern , Keith Mulhern , Thomas Ryan , Patrick Fitzpatrick , Eoin Mullowney
Location:
European Union, Norway, United Kingdom
Firm:
A&L Goodbody
Irish schemes of arrangement - a restructuring option for aircraft lessors?

On 21 July 2020, the Irish High Court approved a scheme of arrangement for the world’s largest regional aircraft lessor Nordic Aviation Capital DAC (NAC).

The scheme, which included a 12-month standstill and deferral of c. US$5bn of secured and unsecured debt, is a market-first for the aircraft leasing industry in Ireland whose customer base has been seriously impacted by COVID-19. We look at the NAC scheme of arrangement and consider whether it is a viable restructuring option for the aviation sector more generally.

Filed under:
Ireland, Aviation, Insolvency & Restructuring, Litigation, A&L Goodbody, Coronavirus, Companies Act
Authors:
David Berkery , David Baxter , Catherine Duffy , Seamus O'Croinin , Marie O'Brien , Maria McElhinney
Location:
Ireland
Firm:
A&L Goodbody