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Nordic Aviation Capital names Norman C.T. Liu as incoming president
September 27th 2021
Industry veteran, Norman C. T. Liu, has taken up the full-time role of president of Nordic Aviation Capital (NAC) with immediate effect. Read More » Liu has expanded his responsibilities at the regional aircraft lessor as it proceeds through a restructuring. He will report directly to NAC’s board. Harvard MBA Liu had a 22-year career with GE Aviation Services (GECAS) where he was president from 2009 to 2016 and served as chairman of the conglomerate in 2016.
NAC said it has made substantial progress in its restructuring with agreement reached on the outline terms of a Framework with its largest creditor groups. The Framework envisages a comprehensive 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 US$500 million of additional capital to best position NAC for growth and success as global economic and industry conditions continue to improve.
In consultation with some of its largest creditors, the company has engaged an internationally recognized executive search firm to identify potential director candidates for NAC’s post-restructuring Board.
NAC vice chairman and restructuring committee chairman, Justin Bickle, 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, it was not immune to the massive impact of the COVID-19 pandemic and the prolonged recovery period. We are confident 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. We believe NAC will prosper in the coming years under Norm’s strong leadership.”
NAC’s fleet of almost 500 aircraft includes ATR 42, ATR 72, De Havilland Dash 8, Mitsubishi CRJ900/1000, A220 and Embraer E-Jet family aircraft.
Former Jetstar Japan chief executive, Nick Rohrlach, has started work as chief executive of Virgin Australia’s Velocity frequent flyer program almost a year after accepting the position. Rohrlach was forced to sit on the sidelines after Qantas took court action to enforce a non-compete clause.
