DP Aircraft I Limited Company Update -- Norwegian Air Shuttle (4950Q)
26 February 2021 - 8:26PM
UK Regulatory
TIDMDPA
RNS Number : 4950Q
DP Aircraft I Limited
26 February 2021
26 February 2021
DP Aircraft I Limited (the "Company")
Company Update - Norwegian Air Shuttle
The Company is providing this update to its announcement of 24
February regarding the loan arrangements in respect of the two
Boeing 787-8 aircraft, LN-LNA and LN-LNB (the "Assets"), leased to
Torskefjorden Leasing Limited, part of the Norwegian group
("Norwegian"). As disclosed in that announcement, earlier this week
the banks providing loan finance in respect of the Assets (the "NAS
Lenders") declared an Event of Default under the relevant loan
agreements with the Company's two borrower subsidiaries.
The declaration of an Event of Default means that the NAS
Lenders are entitled to enforce rights under the relevant security
documents, although at the time of that declaration the NAS Lenders
did not confirm to the Company their intended course of action in
that regard. The Company has now received notices of security
enforcement and loan acceleration from the NAS Lenders; and
accordingly, receivers have been appointed in relation to the
Assets, the related lease and contract rights, and the shares in
the Irish special purpose vehicle which holds title to the Assets.
The NAS Lenders will therefore take control of the process of
disposing of the Assets, with the proceeds of sale (along with
relevant aircraft-specific cash balances, claims against Norwegian
and shares in Norwegian held as security) being applied in the
first instance to pay off any outstanding amounts owed to the NAS
Lenders, and any balance remaining thereafter being remitted to the
relevant subsidiaries of the Company.
As previously noted, these developments impact solely upon the
Assets; they have no effect upon the Company's arrangements in
respect of the aircraft which it leases to Thai Airways; and there
is no recourse by the NAS Lenders to the Company itself.
For further information, please contact:
Aztec Financial Services (Guernsey) Limited +44(0) 1481 748833
Laura Dunning / Chris Copperwaite
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END
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