Nordic Aviation Creditors Set to Take Stake in Aircraft Lessor

Creditors of Nordic Aviation Capital AS are one step closer to taking control of the company, one of the world’s largest aircraft lessors.

Nordic Aviation and its biggest creditor groups have reached an agreement on the outline terms of the company’s restructuring framework, according to a statement on Friday.

The deal, in principle, includes the conversion of “a substantial amount of the group’s debt into equity,” a $300 million equity rights offering and a $200 million revolving credit facility. Major company shareholders — Singapore’s sovereign fund GIC and private equity firm EQT Partners — said in March they wouldn’t contribute …