Airspeed gets consents to amend class G-1, class G-2, class C-1 notes

By Susanna Moon

Chicago, April 28 – Airspeed Ltd. obtained the needed majority of consents to amend its $572,638,983 principal amount of outstanding class G-1, class G-2 and class C-1 notes.

Airspeed has executed a supplement to the notes indenture, according to a company update on Friday.

The company said on March 9 that it was asking for amendments to give the company “flexibility to manage its portfolio, financial resources and expenses in a manner that better reflects the current market and other conditions affecting Airspeed and its portfolio.”

The amendments also will eliminate the delay and costs of obtaining rating agency confirmation for administrative actions, the company noted.

Specifically, the amendments

• With the prior written consent of each policy provider, allow the company to sell or otherwise dispose of aircraft without having to comply with the current restrictions;

• Require that each approved appraiser be a member of Istat or other professional aircraft appraiser;

• Reflect the replacement of Royal Bank of Scotland plc as operating with Sumitomo Mitsui Banking Corp.;

• Expand the definition of “permitted encumbrance” to include consignments of aircraft parts;

• Adjust the concentration limits and allow Airspeed to renew any existing leases with existing lessees irrespective of the effect of such renewal or extension on the concentration limits; and

• Remove the requirement that the company obtain rating agency confirmations before taking administrative actions under the notes indenture, replacing it in some cases with a requirement that the company provide notice of the actions to the rating agencies.

No fees will be paid.

Holders must be of record as of 5 p.m. ET on Feb. 28.

Global Restructuring Services, Inc. (212 644-1772, fax 212 937-3653 or jbaxter@grserve.com) is the information agent. R.W. Pressprich & Co. (763 252-1650, swelo@pressprich.com, 763 252-1654, csmith@pressprich.com) is the solicitation agent.

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