Restructuring an Aircraft Lessor: “NAC DAC is Back”

In 2020, leading aircraft lessor Nordic Aviation Capital (NAC) navigated the sudden collapse in air traffic due to the pandemic with help from its creditors and an Irish court. Two years later, the company went through a chapter 11 restructuring, emerging from bankruptcy in June 2022. In this episode, Restructuring an Aircraft Lessor: “NAC DAC is Back,” host Allan Marks speaks with Jim Cameron, Karen McMaster and Tyson Lomazow about restructuring the company and its subsidiaries, each with its own pools of aircraft and credit facilities. They discuss the impacts of the pandemic on global aviation, the rise of the leasing market, and lessons learned.

Listen to our Season 1 episode on NAC’s navigation of the 2020 collapse in air traffic, International Restructuring: Solving an Aircraft Finance Puzzle – “Flying is Easy; Landing is Hard,” here.

About the Speakers:

James Cameron, who leads Milbank’s Transportation and Space Group in London, is a top-ranked practitioner with extensive experience acting on a variety of asset leasing and financing transactions involving aircraft, ships, oil rigs, rolling stock and other movable equipment. 

Karen McMaster, a partner in the firm’s Financial Restructuring Group, assists buy side and distressed investors structure, negotiate and implement investments in distressed, stressed or special situation credits.

Tyson Lomazow is a partner in the New York office of Milbank and a member of the firm's Financial Restructuring Group. He represents debtors and creditors in chapter 11 reorganization cases and out-of-court restructurings, both in the US and internationally.

Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.