NAC, the world’s largest specialist regional aircraft lessor, began experiencing financial distress as customer airlines struggled to meet their contracted lease obligations due to the impact of Covid-19. At one point NAC’s cash collections were 85 per cent below the contracted level. NAC therefore required financial restructuring to remain viable. This involved securing debtor-in-possession funding and ultimately a successful write down of its $6.3 billion debt, provided by up to ....