Aviation investors are up in arms about the Stalking Horse bid launched by VMO Aircraft Leasing (VMO) – the new leasing company set up with the backing of Ares’ Private Equity Group in January 2021 – for the ten Boeing 737-800 owned by Norwegian Air Shuttle’s (NAS) Enhanced Pass Through Certificates, Series 2016-1A, which are currently on lease to Norwegian Air International. Norwegian had rejected the leases under Irish examinership but is understood to have made an offer for reduced terms for the aircraft, which would have repaid the A certificate holders but impaired the investors holding the B paper.