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Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC.
M&T Bank Corporation’s European subsidiaries (Wilmington Trust (UK) Limited, Wilmington Trust (London) Limited, Wilmington Trust SP Services (London) Limited, Wilmington Trust SP Services (Dublin) Limited, Wilmington Trust SP Services (Frankfurt) GmbH and Wilmington Trust SAS) provide international corporate and institutional services.
WTIA, WFMC, and WTIM are investment advisers registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply any level of skill or training. Additional Information about WTIA, WFMC, and WTIM is also available on the SEC's website at adviserinfo.sec.gov. 
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Wilmington Trust Appointed Security Trustee for Nordic Aviation Capital Group
Supports various debt facilities as part of NAC's US$6 billion COVID-19 debt restructuring program

WILMINGTON, Del. and LONDON, July 30, 2020 /PRNewswire/ -- Wilmington Trust, a leader in corporate and institutional trust services, announces it has been appointed security trustee for Irish-based Nordic Aviation Capital ("NAC"), as part of the NAC's landmark US$6 billion debt restructuring, pursuant to a solvent scheme of arrangement sanctioned by the Irish High (Commercial) Court on 21 July 2020 following overwhelming creditor approval.

The transaction allows NAC to standstill on and defer principal and interest payments on its debt for the next 6 to 12 months, amid the serious impact on the aviation industry due to the COVID-19 pandemic. As security trustee, Wilmington Trust will hold security in respect of a pool of 236 aircraft supporting various NAC debt facilities.

"We're proud to have helped ensure a successful transaction that will allow NAC flexibility with its lenders during this unprecedented time," said Jean-Christophe Schroeder, Senior Vice President, Wilmington Trust. "Our appointment as security trustee highlights our continued leadership in loan agency services, particularly in the aviation industry."

NAC is the industry's leading regional aircraft lessor serving approximately 75 airline customers in over 50 countries. NAC's current fleet of almost 500 aircraft includes ATR 42, ATR 72, Bombardier Dash 8, CRJ900/1000, Airbus A220 and Embraer E-Jet family aircraft. Wilmington Trust worked with Watson Farley & Williams as legal counsel on the appointment. The team supporting the transaction includes Elaine Lockhart, European Head of Agency; Caroline Magee, Managing Director Sales; Chris Hurford, Vice President; and Keith Reader, Vice President.

Wilmington Trust is a leading provider of services to the loan market, including independent loan agency services, for some of the largest and most complex restructurings in the U.S. and Europe. Taking a non-lender role, the firm acts as a neutral, impartial agent on new originations and successor appointments. Its tenured staff, combined with its financial stability and quality of service make Wilmington Trust the agent of choice for banks, funds, debt advisors, and lawyers in need of an independent agent. Wilmington Trust is backed by the strength and stability of its parent company, M&T Bank, with $124.6 billion in balance sheet assets as of March 31, 2020.

To learn more about Wilmington Trust's loan agency capabilities, visit the firm's Loan Agency Services webpage.

ABOUT WILMINGTON TRUST
Wilmington Trust, N.A. provides Corporate and Institutional Services including institutional trust, agency, asset management, retirement plan, agency, asset management, and administrative services for clients worldwide who use capital markets financing structures. Wilmington Trust provides direct trust, custody, and fiduciary services for retirement plans, companies, foundations, organizations and financial institutions.

Wilmington Trust also provides Wealth Advisory services with a wide array of personal trust, financial planning, fiduciary, asset management, and family office solutions designed to help high-net-worth individuals and families grow, preserve, and transfer wealth.

Wilmington Trust maintains offices throughout the United States and internationally in London, Paris, Dublin, and Frankfurt. For more information, visit www.WilmingtonTrust.com.

MEDIA CONTACTS:
Maya Dillon, Head of Communications, Wilmington Trust (212) 415-0557
Paul Merchan, Peppercomm (212) 931-6172

Wilmington Trust is a registered service mark. M&T Bank Corporation's European subsidiaries (Wilmington Trust (UK) Limited, Wilmington Trust (London) Limited, Wilmington Trust SP Services (London) Limited, Wilmington Trust SP Services (Dublin) Limited, Wilmington Trust SP Services (Frankfurt) GmbH and Wilmington Trust SAS) provide international corporate and institutional services. M&T Bank Corporation's US subsidiaries [Wilmington Trust Company (operating in Delaware only) Wilmington Trust, N.A., M&T Bank and certain other US affiliates] provide various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment management, and other services. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC. Not all services are available in all jurisdictions.

 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/wilmington-trust-appointed-security-trustee-for-nordic-aviation-capital-group-301102804.html

SOURCE Wilmington Trust

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