New management team at Limerick aircraft lessor

Nordic Aviation Capital President Norman Liu

LIMERICK-based aircraft lessor Nordic Aviation Capital (NAC) has hired a number of former senior executives from Gecas, the Shannon aviation company acquired last year by AerCap, which is now the  largest aircraft lessor in the world.

The former Gecas executives have been appointed to top management roles at NAC which is being taken over by lenders as part of a bankruptcy process to deal with a €5 million debt.

With a fleet of more than 500 jets and turboprop aircraft, NAC is the largest lessor of regional aircraft in the world but has had to rely on shareholders to shore up its balance sheet with extra capital.

Former Gecas chief executive Norman Liu was appointed NAC president last year and the latest recruitment drive sees Mike Jones, appointed as executive vice president of global marketing with David Farrell taking over as chief risk officer.

Another former Gecas manager Colin Joyce joins NAC as head of marketing operations.

Sign up for the weekly Limerick Post newsletter

Last month, the Nordic Aviation Capital confirmed it had entered a Chapter 11 bankruptcy protection process in the United States as part of a deal finalised with a majority of lenders.