Milbank Advises Lenders on Nordic Aviation Capital’s Chapter 11 Restructuring

Milbank LLP advised a syndicate of secured lenders led by BNP Paribas on the chapter 11 restructuring of the Nordic Aviation Capital group and the resulting separation and refinancing of NAC Aviation 33 Limited and NAC Aviation 34 Limited, which together own 37 aircraft on lease to various airlines globally.

Milbank advised the lenders on all restructuring, aircraft finance, litigation, corporate/M&A and tax aspects of the transaction, having previously advised the Lenders with respect to NAC’s $6 billion Irish scheme of arrangement, in 2020.

The Milbank team was led by partners James Cameron (Transportation and Space, London) and Karen McMaster (Financial Restructuring, London) with support from associates Mark Leverkus, Stephanie Saunders, James Johnson and Reiss Guiness (Transportation and Space, London) and associates Sarah Levin and Ryan Cattle (Financial Restructuring, London). 

Chapter 11 aspects of the transaction were led by partners Nelly Almeida and Gerard Uzzi (Financial Restructuring, New York), with support from special counsel Andrew Harmeyer and associates Kyle Satterfield and Justin Cunningham (Financial Restructuring, New York), and with support from partner Aaron Renenger, special counsel Melanie Yanez and associates Rebecca Olson and David Marcou (Litigation & Arbitration, Washington, DC).

Further support was provided by Andrej Wolf (partner, Corporate, London), Merih Altay (special counsel, Corporate, London), Russell Jacobs (partner, Tax, London), Russell Kestenbaum (partner, Tax, New York), Fareed Muhammed (associate, Tax, London), Catherine Leef Martin (partner, Alternative Investments, New York) and John Williams (partner, Alternative Investments, New York).

Milbank Transportation and Space partner James Cameron, who led the transaction said, “Milbank always advises on the aviation sector’s largest, most significant transactions, and we are delighted to have supported the lenders on this innovative cross-border separation and recapitalisation.” Milbank Financial Restructuring partner Karen McMaster said, “Our involvement on this transaction, from NAC’s Irish scheme of arrangement through to emergence from US chapter 11, further reinforces Milbank’s reputation as trusted advisers on the most complex international restructurings.”