Nordic Aviation lenders seek exit ahead of debt freeze deadline

Bank lenders are seeking to cut their exposure to one of the world’s largest aircraft lessors before a moratorium on debt payment ends next month. An unnamed lender to a unit of Nordic Aviation Capital AS is seeking to sell a $50m portion of a credit facility this week, according to people familiar with the matter. The seller may dispose of the debt, which is secured by assets held in NAC Aviation 29 DAC, at roughly a 30% discount to face value, they said. A representative for Nordic Aviation declined to comment on the potential loan sale. Founded in Denmark in 1990, Nordic Aviation leases almost 500 aircrafts to about 75 airline customers and has about $5.9b of debt backed by different assets held in subsidiaries, a separate person familiar with the matter said. The company is seeking to draw a restructuring plan that will capitalize on an expected pick up in international travel. Sculptor Capital Management is one of the investment funds that have previously bought bank loans to Nordic Aviation, the people said. <br/>