AB Fishing Tackle

Main Menu

  • Home
  • Fishing Tackle
  • Fishing Rods
  • Fishing Gear
  • Fishing Equipment
  • Fishing Store

AB Fishing Tackle

Header Banner

AB Fishing Tackle

  • Home
  • Fishing Tackle
  • Fishing Rods
  • Fishing Gear
  • Fishing Equipment
  • Fishing Store
Fishing Store
Home›Fishing Store›Bankruptcy filing details $4 million distribution of Nordic Aviation Capital’s legal bill

Bankruptcy filing details $4 million distribution of Nordic Aviation Capital’s legal bill

By Sharon D. Horowitz
March 3, 2022
0
0

Late-night takeout, taxi fares and $1,800-an-hour lawyers rack up millions in fees for Limerick-based lessor Nordic Aviation Capital as it winds its way through bankruptcy in the United States.

The lessor is also in the process of selling eight jets to American Airlines, according to court documents.

The sale of the four aging Embraers and four newer CRJ jets will result in a $68 million (€62 million) cash increase for the lessor.

Nordic Aviation Capital (NAC) is being taken over by its lenders after being hit by the impact of the Covid pandemic on the global airline industry.

NAC is the largest regional aircraft lessor in the world, with a fleet of 500 people.

NAC began bankruptcy proceedings in the United States on December 19 after reaching a consensual agreement with lenders who hold more than 73% of the $6.3 billion in debt of the lessors.

Law firms and others working on the Chapter 11 process on behalf of the NAC must submit claims for work undertaken in Virginia bankruptcy court.

US international law firm Kirkland & Ellis – the world’s largest law firm by revenue – submitted a claim for just over $4 million, representing 80% of the $5 million fee which, according to him, were accumulated with the cabinet between December 17 and January 31. .

The detailed court submission shows that Kirkland & Ellis charges $765 an hour for associates newly brought into the firm and working on NAC’s restructuring.

Associates admitted a few years ago to charging up to $1,125 an hour.

Law firm associates charge up to $1,845 per hour.

Kirkland & Ellis is NAC’s restructuring adviser, while Clifford Chance and Irish firm William Fry act as legal advisers. Ernst & Young is its restructuring adviser, while Rothschild acts as its investment banker.

Kirkand & Ellis billed for everything from photocopies – extra for color copies – to takeout, in-flight Wi-Fi, taxi fares and phone calls.

They include amounts as low as 32c for image scanning, $20 for food from online delivery platform GrubHub and $10.99 for a taxi home for someone who worked late.

Rothschild has just filed a $1.5 million claim with the bankruptcy court for work undertaken between December 17 and the end of January.

The four Embraer jets sold by NAC were leased from Aeromexico until July 2020. The CRJ jets had been leased from Dublin-based CityJet.

The Embraers are sold for $4 million each and the CRJs for $13 million each.

Related posts:

  1. A bankruptcy lawyer has been charged with £100,000 tax evasion
  2. Insurers pushed to settle Archdiocese abuse claims
  3. Johnson & Johnson Stock: Split-Related Litigation (NYSE:JNJ)
  4. Iowa lawyers warned they are responsible for ‘unethical’ acts of national firm
Tagsunited states
Recent Posts
  • Is MSTR Facing Possible Bankruptcy Following Bitcoin’s Collapse?
  • Fishing Equipment Market Size and Forecast
  • Publishers avoid ‘bankruptcy for reporting the truth’ as ​​government scraps Section 40 court fees for press
  • EJF praises Department of Fisheries for gear directive; calls for more reforms in the fisheries sector
  • india sri lanka news: India to step up aid as Sri Lanka nears bankruptcy
Categories
  • Fishing Equipment
  • Fishing Gear
  • Fishing Rods
  • Fishing Store
  • Fishing Tackle
Archives
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • September 2017
  • July 2017
  • June 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • November 2016
  • October 2016
  • July 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • November 2015
  • May 2015
  • April 2015
  • February 2015
  • January 2015
  • February 2014
  • January 2014
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • November 2012
  • June 2012
  • May 2012
  • May 2011
  • March 2011
  • November 2009
  • July 2007
  • October 2006
  • May 2006
  • Privacy Policy
  • Terms and Conditions