Leasing company Azorra confirmed the acquisition of 37 regional aircraft that belonged to Nordic Aviation Capital (NAC), an Irish lessor company that is in the process of financial recovery.
The fleet taken over by Azorra comprises seven ATR and Dash 8 turboprops and 29 Embraer E-Jets leased to 13 different airlines worldwide, including Azul, Aerolineas Argentinas, Cityflier (British Airways), Air France HOP and LOT
“We are thrilled to add these aircraft to Azorra’s growing portfolio, while expanding and diversifying our customer base,” said John Evans, CEO of Azorra. “These aircraft are ideally suited for today’s market dynamics and are leased to well-known airlines around the world.”
Azorra currently owns and manages 60 leased aircraft for 18 airlines in 15 countries and has commitments to purchase an additional 49 jets and spare engines, including 42 Airbus A220 and Embraer E2 aircraft.
The world’s largest regional aircraft leasing company, NAC appealed in April to “Chapter 11”, the US legislation protecting companies in financial difficulties. Since the process began, the company says it has eliminated $4.1 billion in debt and improved its liquidity, having gained access to about $537 million in additional capital for new investments.
“Substantial progress has been made to ensure that we are moving forward with a solid financial foundation, a leaner and more efficient operating model and access to growth capital to invest in our business. I look forward to the months ahead as we reposition ourselves for growth. I want to thank our employees, customers and business partners for their steadfast support, which allowed us to maintain normal operations throughout this process,” said Norman Liu, president and CEO of NAC.
NAC recently became the first customer of the E190F and E195F, the passenger-to-cargo jet conversion program created by Embraer this year.