Nordic Aviation Capital Appoints Former GECAS Executive Incoming President



Nordic Aviation Capital, a regional aircraft lessor, appointed Norman C.T. Liu its new president, effective immediately. Liu was previously president of GE Capital Aviation Services between 2009 and 2016 and its chairman in 2016.

Liu has been a senior advisor to Nordic Aviation Capital since 2019 after a 22-year tenure in senior executive positions, including executive vice president of commercial, chairman, president and CEO, with GECAS and 30 years with GE Capital overall. He also currently serves as a senior advisor to Global Infrastructure Partners and a board member of GA Telesis and has served as a senior advisor to ICBC Leasing for the past four years.

“I look forward to working with NAC’s global team and customer base in these highly challenging times,” Liu said. “We have much work to do on restoring the balance sheet and portfolio, but I’m confident that we will be well-positioned as the industry recovers from the pandemic.”

As president of Nordic Aviation Capital, Liu will have a full-time senior leadership role in the running of the business and will report to the company’s board of directors.

Nordic Aviation Capital has also made progress in its restructuring, reaching an agreement on the outline terms of a framework with its largest creditor groups. The framework envisages a restructuring of the company’s debt obligations (including the conversion of a substantial amount of the group’s debt to equity) and the provision of $500 million of additional capital, including $300 million in additional capital through a new equity rights offering and a new $200 million revolving credit facility, to position Nordic Aviation Capital for future growth.

The $500 million of additional capital contemplated under the framework will be provided to Nordic Aviation Capital in conjunction with its restructuring and be available to support liquidity and growth in purchasing aircraft. In consultation with some of its largest creditors, the company engaged an executive search firm to identify potential director candidates for its post-restructuring board.

“We are pleased that we have reached this milestone with NAC’s largest creditor groups, who whole-heartedly believe in the long-term future of NAC,” Justin Bickle, vice chairman of Nordic Aviation Capital and chairman of its restructuring committee, said. “Throughout its 30-year history, NAC has had a fundamentally high performing, profitable business and a strong liquidity position but like all players in the aviation sector, was not immune to the massive impact of the COVID-19 pandemic and the prolonged recovery period. We are confident that the restructuring contemplated by the framework will be the best and most efficient path for NAC to achieve a successful financial restructuring. We look forward to concluding discussions with NAC’s creditors in connection with the framework and finalizing NAC’s business plan and strategy under our new president, Norman C.T. Liu. We believe that NAC will prosper in the coming years under Norm’s strong leadership.”

Kirkland & Ellis is acting as Nordic Aviation Capital’s restructuring counsel, while Clifford Chance and William Fry are serving as legal counsel and Rothschild and Ernst & Young are serving as restructuring advisors.


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