Asset Finance
About
Capital-intensive industries and assets face considerable uncertainties and unprecedented disruptions. In an era of political and economic instability, new technology and net zero pressures, many airlines, operating lessors, financing providers and other stakeholders must make significant decisions about their operations, investments, capital expenditure programs, risk management approaches and other legal and business challenges – often across multiple jurisdictions.
Our international experience and deep resources support clients with these and other needs, whether by helping to access much-needed liquidity, purchase more assets at attractive prices, take advantage of financing opportunities, lead restructuring negotiations or resolve insolvency situations.
Supporting our clients as they optimize their strategies
We are a recognized leader and innovator in asset-based and structured financing transactions. We have been involved in every significant development in asset-based finance, including in the cross-border market, and have pioneered many of the tax, legal and financial structures used in countries around the world.
Our global platform and substantial industry knowledge combine to put us in a unique position to navigate the complexities, challenges and opportunities our clients are facing. The products, transaction structures and commercial solutions we have developed give our clients a competitive edge in the implementation of their business strategy, whether in the optimization of their investments, gaining access to new and competitive sources of financing or in addressing the risks they face in an ever more complex legal, regulatory and operating environment.
The asset finance business and our role
We have substantial experience and knowledge in a wide range of sectors, including:
- Commercial aviation, private jet and helicopter financing
- Shipping and maritime
- Rail equipment and infrastructure
- Electrically powered vertical takeoff and landing (eVTOL) aircraft
- Energy and other facility financings
- Mining and metals
- Telecommunications and satellites
- Equipment financing
Our lawyers are recognized market leaders in the application of all products related to complex asset-based and structured financings, including: aircraft finance non-payment insurance (ANPI) financings, tax and operating leases (including all types of Japanese operating lease transactions), warehouse loan facilities and pre-delivery payment financings, export credit agency (ECA) and manufacturer-supported financings and numerous bank finance and debt capital markets-based transactions (including enhanced equipment trust certificate "EETCs" and asset-based securitization financings). We advise and represent clients on capital market equity raises and in high-profile bankruptcies and restructurings. We also routinely advise on acquisitions of and/or investments in leasing companies and asset portfolios, secured and unsecured bridge and revolving credit financings and a wide range of regulatory and asset repossession matters.
Successfully navigating the global sectors’ transformation to net-zero by 2050 requires advice from lawyers who have in-depth knowledge of the industry, regulatory environment, relevant stakeholders and local markets. Our team has been at the forefront of these transportation market trends, including clean energy and new technologies.
We represent all the participants in asset-based and structured finance transactions – including asset owners, operating companies, manufacturers, financial institutions, private equity and hedge funds, equity investors, lenders, lessors, lessees, investment advisors, corporate trustees, credit providers, joint venture participants, debt and equity syndicates and multiple ECAs. Our understanding of the unique needs of all these participants allows us to craft specific strategies designed to help our clients reach their business goals and to address the challenges and opportunities they encounter.
View more information on our Aviation team
View more information on our Maritime & Offshore team
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AWARDS & RECOGNITION
Most Highly Regarded Aviation Firms
Who's Who Legal 2023
Top 5 Aviation Law Firms Globally (by deal count and complexity)
AirFinance Journal Legal Survey 2015-2022
Americas Supported Finance Deal of the Year: JetBlue/Spirit
Airline Economics Aviation 100 2023
Restructuring Deal of the Year: Azul Airlines
Airline Economics 2023
Liability Management Deal of The Year: Azul Airlines
Bonds & Loans Latin America & Caribbean Awards 2023
Best Restructuring Deal of 2023: Azul’s note exchange
ISHKA Awards 2023
Law Firm of the Year: Equipment Finance Law and National Tier 1: Equipment Finance Law
US News Best Lawyers Report 2022
Restructuring Deal of the Year: LATAM Airlines Ch. 11
IFLR 2022
Restructuring Deal of the Year: LATAM Airlines Ch. 11
Latin Lawyer 2022
Restructuring Deal of the Year: Aeromexico Ch. 11
ISHKA Awards 2022
Americas Deal of the Year: LATAM Airlines Ch.11
ISHKA Awards 2022
Restructuring Deal of the Year: portfoliomanagement AöR shipping loan portfolio sale
Marine Money 2022
Bank Debt Deal of the Year: Nordea ESG Loan
Marine Money 2022
Restructuring Deal of the Year: Seadrill Restructuring
M&A Advisor Turnaround Awards 2022
Experience
Azul Airlines Out-of-Court Restructuring, 2023
Representation of Azul Airlines, a leading Brazilian airline company, on an out-of-court restructuring of approximately US$850 million of Azul Airlines’ aircraft lease obligations across most of its fleet, as well as a restructuring of Azul Airlines’ obligations to original equipment manufacturers and existing bondholders.
LATAM Airlines Group, 2023
Representation of export-credit agencies in relation to restructuring of various aircraft for LATAM Airlines Group S.A., the Chilean airline.
Proman industry-first sustainable shipping fund, 2023
Representation of Proman AG, one of the world’s largest methanol producers, on a green loan ship financing in support of the launch of an industry-first sustainable shipping fund in partnership with Stena Bulk AB, an internationally recognized and leading European shipping company.
JetBlue/Spirit, 2023
Representation of JetBlue Airways Corporation, a leading carrier in more than 100 cities throughout the United States, Latin America, the Caribbean, Canada and the United Kingdom, on a US$3.5 billion senior secured bridge loan commitment to support JetBlue's acquisition of Spirit Airlines, Inc., a leading ultra-low-cost airline carrier in the United States, the Caribbean and Latin America. JetBlue and Spirit ended the merger agreement after losing an antitrust suit.
BNDES on-lending transaction, 2023
Representation of BNDES in connection with a complex on-lending transaction involving three Embraer ERJ 190-100 LR aircraft. The transaction is an example of a complex multi-jurisdictional deal, comprising on-lending between multiple development banks (including pan-African), affecting various entities in the Middle East and Africa, including two regional airlines.
LATAM Airline’s US$2.45 billion debtor-in-possession financing, 2021
Representation of the DIP lenders and the unsecured bondholders in relation to LATAM Airlines Group S.A. and its affiliates filing for voluntary reorganization via Chapter 11 of the US Bankruptcy code in May 2020 following a sudden and severe drop-off in passenger demand in response to the Covid-19 global pandemic.
eVTOL Aircraft Purchase, 2022
Representation of Archer Aviation in relation to the investment and purchase by United Airlines, Inc. of Archer's electrically powered vertical takeoff and landing (eVTOL) aircraft.
Volocopter, 2022
Representation of Aviation Capital Group in its vendor financing of up to US$1 billion to support the sale of Volocopter’s electric vertical take-off and landing aircraft.
VMO Aircraft Leasing, 2022
Representation of funds managed by Ares Management Corporation in the formation of VMO Aircraft Leasing L.P., a newly formed company to acquire and lease commercial aircraft.
Bristow Group, 2022
Representation of Bristow Group, a global helicopter operator, in connection with various strategic advanced air mobility matters.
Philippine Airlines debtor-in-possession financing, 2021
Representation of Bouna Sorte Holdings, Inc. in connection with a court-approved US$555 million debtor-in-possession financing plan (the "DIP Financing") for Philippine Airlines in its Chapter 11. The DIP financing was comprised of a $250-million first lien secured Tranche A multi-draw term loan, and a second lien secured Tranche B multi-draw term loan facility of $255 million.This deal was awarded "Asia-Pacific Deal of the Year" by Airfinance Journal 2021.
Aeromexico, 2021
Representation of Aeromexico as special aviation counsel in connection with the airline’s Chapter 11 bankruptcy proceedings. Our work on this mandate spanned almost two years and included all aspects of Aeromexico’s fleet restructuring, including interim arrangements that allowed the airline to use its leased and financed aircraft, engines, flight training devices and simulators and other assets during Chapter 11, the rejection and return of certain aircraft and engines that would not be part of the restructured fleet, the renegotiation of the all fleet-related contracts to be assumed under the Chapter 11 process (including operating leases, financings, maintenance agreements, and the Boeing purchase order), new operating leases and sale-leasebacks, new acquisitions of fleet assets, and the settlement of creditors’ claims.
JetBlue, 2021
Representation of JetBlue on a loan facility from the US Department of Treasury under the United States Coronavirus Aid, Relief, and Economic Security (CARES) Act in an aggregate principal amount of up to US$1.140 billion secured by certain aircraft and loyalty program assets, and the issuance of warrants in JetBlue’s common stock to the Treasury in connection with such loans.
