NAC applies for debt deferral as shareholders inject $60 of fresh equity

Nordic Aviation Capital has applied to the High Court in Dublin to launch a scheme of arrangement to defer debt repayments for 12 months while simultaneously receiving a $60 million equity injection from its existing shareholders. NAC has applied for a scheme of arrangement under the Irish Companies Act which if approved would be an agreement between NAC and its lenders to standstill and defer the payments of interest and principal on its borrowings, covering the next 6-12 months. It is a mechanism available under Irish law that allows solvent companies to implement arrangements with lenders. It requires court approval