The fleet of aircraft operated by failed Estonian national carrier Nordica has been sold to a U.S. leasing and maintenance company.
Estonian parent company Nordic Aviation Group, which operated subsidiaries Nordica and Xfly, was formally declared bankrupt in January after ceasing operations in November 2024. It had operated largely as a capacity provider and the loss of a major contract with SAS Scandinavian Airlines on Nov. 1, 2024, was a significant factor in causing its collapse. Plans to privatize the airline came to naught when a potential investor pulled out.
Estonian state-owned asset management company Transpordi Varahaldus (TVH) has sold Nordica’s seven Bombardier CRJ-900NG regional jets to Miami-based Regional One, which specializes in aircraft leasing, repair, and maintenance.
TVH said that the contract is valued at $37.5 million. This amount also covers, if necessary, the costs of preparing the aircraft for delivery, which will be deducted from the total purchase price.
“This agreement is the result of a thorough and extensive process during which TVH worked diligently to ensure the best possible outcome for the state,” Estonian Infrastructure Minister Kuldar Leis says.
Almost 30 companies showed interest in the aircraft, with 11 submitting offers. “We have reached an agreement with a buyer whose offer was the strongest both in substance and financially, and who can see the deal through,” Leis adds.
TVH began preparing for the sale of the aircraft in summer 2024 by collecting indicative offers from industry participants. Initial bids ranged from $20 to $40 million. TVH entered the next phase of negotiations with the highest bidder, but those talks did not result in a transaction.
In spring 2025, negotiations continued with the next-highest bidder, ultimately leading to a signed agreement with EIC Aircraft Leasing, an Ireland-based company within the Regional One group.
The 88-seat aircraft, preserved in long-term storage, will now undergo detailed technical inspections and maintenance procedures to ensure their flight-readiness. This includes conducting manufacturer-mandated inspections of engines and avionics, and carrying out all required tests, including ground performance checks for all 14 engines.
“The aircraft have been parked and preserved at Tallinn Airport since the end of last year, in full compliance with strict aviation standards,” TVH board member Ergo Blumfeldt says. “The buyer is scheduled to conduct technical inspections in July, and the entire transfer process is expected to be completed by autumn.”
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