Transport finance and leasing in London

Allen & Overy LLP

Leveraging resources across its vast international network, as well being able to access market-leading broader capital markets, restructuring and tax offerings, Allen & Overy LLP is well-positioned to advise creditors and debtors across the broad spectrum of transactions, often involving sophisticated debt products. Paul Nelson leads on the aviation front, and is particularly effective advising on complex highly structured transactions, including recent work, in a difficult economic/geo-political environment, for several airlines as issuers in relation to enhanced equipment trust certificates (EETC) capital markets transactions. Harry Upcott is particularly effective at advising aviation lessors on financings, as well as on portfolio transactions. Kevin Young has broad finance expertise for commercial banks, ECAs and operators across a wide range of new money deals and restructurings, both in the conventional shipping space, as well as in the off-shore sector. Jonathan Bevan heads the rail group and advises lenders and sponsors on high-profile acquisitions, divestments and refinancings. Mario Jacovides recently retired from the partnership, although he is still providing some input on an ad-hoc basis in his role as a consultant.

Practice head(s):

Paul Nelson; Kevin Young; Jonathan Bevan


Other key lawyers:

Harry Upcott; Brendan McCarthy; Ainsley Ierland


Key clients

Hitachi Rail


Credit Agricole CIB/Santander/Alpha Trains


Santander


AirFrance


Iberia


British Airways


iFLI/ Piiq


Ashland Place


Falko


Virgin Atlantic


AviLease


AFIC


Vroon Group


BNP Paribas


SACE


Excelerate Energy


ING Bank


Cerberus Capital Management


Crédit Agricole Corporate and Investment Bank


Societe Generale


Flexam Invest


Industrial and Commercial Bank of China


Den Hartogh


Work highlights


Clifford Chance LLP

The 'experienced, knowledgeable and commercially-oriented' team at Clifford Chance LLP has 'great knowledge across all aspects of aviation finance and leasing' , ensuring that it is well-equipped to advise the firm's eclectic client mix of lessors, banks, funds and manufacturers. Because of the firm's bench strength in London and globally, as well as its ability to leverage broader overarching capital markets, banking, tax and restructuring practice area prowess, 'there is nothing they can’t tackle', and are often first-port of call for clients seeking advice on first-of-kind and novel transactions. 'Hugely  experienced' team head Oliver Hipperson 'understands the needs of the financiers', and is regularly instructed  by funders on highly structured and tax-driven mandates, including JOLCO structures. As well as his pure asset finance prowess, which includes expertise advising on ABS transactions, Ranbir Hunjan is also regularly engaged in broader transactional work in the aviation sector, including on M&A-related leasing matters, as well as helping to establish new leasing platforms for clients. Richard Evans 'is great at explaining technical legal issues, working out an acceptable solution for both sides', ensuring that he is a popular choice for creditors and debtors across a range of financing structures, including full and limited recourse operating lease financings, and tax-driven mandates. As well as his work for lessors on recovery efforts and sanctions compliance for aircraft leased to Russian airlines, Paul Carrington also heads up the firm's rail industry group. William Glaister recently retired.

Practice head(s):

Oliver Hipperson


Other key lawyers:

Ranbir Hunjan; Paul Carrington; Richard Evans; Chris Hardisty


Testimonials

They have a very good understanding of the JOLCO product and good knowledge of the industry and key players.’

The aviation team in London is first class – the key individuals that I work with have great knowledge across all aspects of aviation finance and leasing. 

‘It is an experienced, knowledgeable and commercially-oriented team.’

‘They have a great bench strength- large team with such huge exposure to the market that there is nothing they can’t tackle.’

Oliver Hipperson has excellent commercial understanding of how the industry works. He especially understands the needs of the financiers which makes the process working with him very efficient and he able to comment very clearly.’

‘The hugely experienced Oliver Hipperson has great technical skills that he manages to apply in a commercial approach that gets deals done.’

‘Richard Evans is great at explaining technical legal issues, working out an acceptable solution for both sides on sticky items, and always able to find out and guide on specific jurisdictional considerations.’

Key clients

Nordic Aviation Capital


Investec


SMBC Aviation Capital


Deutsche Bank


Avolon


BNP Paribas


Goshawk Aviation Limited


CDB Aviation


Sumitomo Mitsui Banking Corporation


Castlelake


Airborne Capital


Work highlights


  • Advised Nordic Aviation Capital, the world’s largest regional aircraft lessor, on the restructuring of $6.3bn of the Company’s secured and unsecured debt.
  • Advised CK Asset Holdings on the sale of AMCK Aviation’s portfolio of aircraft to an investment vehicle managed by Carlyle Aviation Partners.
  • Advised the UWC on a Balthazar-supported limited recourse financing by Natixis of 3 A220-300s to Goal/KGAL on lease to Air Baltic.

Milbank

Drawing upon the core sector expertise of 'market leading, top-tier partners and exceptional associates', and also able to leverage the firm's impressive capital markets, insolvency prowess and US offices, Milbank is, according to one client, 'the best team in the market for complicated and high-value aviation finance transactions'. The tone is set by the leadership at the team, with James Cameron able to bring a 'wealth of experience and practical nous to any deal he works on' for a varied mix of stakeholders including lessors, funds and banks. 'At the top of his game', Nick Swinburne co-heads the team alongside Cameron and is recognised as 'a great person to have on highly complicated and structured transactions', including EETC matters. At an associate level, Mark Leverkus is 'head and shoulders above many of his peers', and Tom Jackson  has 'a bright future ahead of him'. 

Practice head(s):

James Cameron; Nick Swinburne


Other key lawyers:

Tom Jackson; Mark Leverkus


Testimonials

Milbank possesses a team of market leading, top-tier partners and exceptional associates working to a consistently high standard.’

‘It is the best team in the market for complicated and high-value aviation finance transactions.’

‘Jim Cameron is an excellent negotiator and deal maker and a great individual to have in your corner when a transaction needs to get done. He brings a wealth of experience and practical nous to any deal he works on.’

‘Nick Swinburne is a superb lawyer, offering clear-headed, technically astute but pragmatic advice. He is a great person to have on highly complicated and structured transactions.’

‘Nick Swinburne is at the top of his game – exceptionally bright, pragmatic and focused. He is a brilliant problem solver who is trustworthy and highly respected.’

Mark Leverkus is an excellent senior associate – head and shoulders above many of his peers.’

Tom Jackson is a stellar senior associate with a very bright future.’

Key clients

Abelo (formerly Elix Aviation Capital)


AerCap


Aergo


Aircastle


Air France


Ares


Avolon


Bank of China (Aviation)


Barclays


Barings


BBAM/NBB


BNP Paribas


Brookfield


CDB Leasing


Centerbridge


Citibank


CMB Financial Leasing


Credit Suisse


Crédit Agricole Corporate and Investment Bank


DeucalionDeutsche Bank


Embraer


Export Development Canada


HSBC


Investec


JP Morgan


KKR


M&G Investments


Magi


Meta


Morgan Stanley


MUFG


Natixis


Novus Aviation Capital


Oaktree


ORIX


PIMCO


Silverpoint


SMBC


SNB Capital


Standard Chartered


Strategic Value Partners


Stratos


TrueNoord


TUI


volofin Capital Management


Genesis Leasing


Carlyle Aviation Partners


Castlelake


China Development Bank


ALAFCO


Deutsche Bank


ING


Societe Generale


Work highlights


  • Advised Fortress Investment Group on the sale to Chorus Aviation Inc. of Falko Regional Aircraft Limited.
  • Advised SMBC Aviation Capital in relation to its acquisition of Goshawk Management Limited which included a portfolio of approximately 160 owned aircraft and 15 managed aircraft.
  • Advised Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC, as placement agents, in connection with British Airways’ $299.5m private placement for the financing of two new Airbus A320neo aircraft, and two new Airbus A350-1000 aircraft, structured within an enhanced equipment trust certificate (EETC) financing with an ESG-linked ratchet

Norton Rose Fulbright

Combining core overarching transportation industry knowledge with a deep understanding of a myriad financial products to facilitate new money mandates and refinancings in the sector, Norton Rose Fulbright is well-positioned to provide a 'commercial approach' to a myriad stakeholders across all transport asset classes. The sheer size of the team allows a strong degree of specialisation at partner level, while the diversity of client types, including lessors, banks, funds, operators and export credit agencies, ensures that the team has wide knowledge across the market and a truly 360 degree perspective of each matter. Simon Hartley has developed a reputation among shipping clients for his 'solutions driven' service, particularly as it pertains to work in the cruise sector, where Carnival remains a core client. Eleanor Martin   has deep knowledge of the offshore shipping, in particular, and alongside restructuring partners in London and US, recently advised the lender committee in relation Altera's restructuring helping to guide it out of Chapter 11 protection and its subsequent re-chartering of the Knarr FPSO to Equinor UK. The firm has also been very active on insolvencies in the aviation sector, with the team picking up roles as special aviation counsel in relation to the Chapter 11 restructuring of both LATAM and SAS. Appreciated for his 'very high service levels and responsiveness', Owen Mulholland has been pivotal to both these mandates, a reflection of his longstanding relationship with both aforementioned carriers. Duncan Batchelor is also key to the firm’s aviation finance practice and has particular expertise advising on structured financings including Japanese, French, UK and Luxembourg lease structures. Of the more junior practitioners in the team, Will Alete continues to grow his reputation in the aviation sector for a varied mix of airlines, banks and lessors, while at an associate level, Matthew Bambury  has a 'great grasp of technical detail', ensuring that he is a popular choice among lenders on structured leasing mandates within the maritime sector.

Practice head(s):

Duncan Batchelor; Simon Hartley


Other key lawyers:

Simon Lew; Richard Howley; Giles Brand; Owen Mulholland; Emma Giddings; Eleanor Martin; Andrew Williams; Will Alete; Dan Cowdy; Richard Green; Alex Blaney; Olivia Cullen; Matthew Bambury; Corrine Rathie


Testimonials

‘They display a commercial approach and have an excellent understanding of their clients’ business and sensitivities.’

It is a large team of highly skilled and experienced lawyers in the shipping finance space. Excellent collaboration across offices in different jurisdictions when working on cross-border deals.’

‘Simon Hartley adopts a commercial approach and provide solutions driven advice.’

‘Owen Mulholland provides very high service levels and responsiveness, and he always offer opinions on clients’ best interests.’

‘Richard Green is highly responsive and provides a high quality work product.’

‘Matthew Bambury has a great grasp of technical detail’. 


Key clients

Amedeo + Voyager Aviation / VAH


ABN AMRO Bank N.V.


Bayerische Landesbank


BNP Paribas


Carnival Corporation


Citigroup


Clover Aviation Capital (formally Ping An Aircraft Leasing Company Limited)


Commerzbank AG


Crédit Agricole Corporate and Investment Bank


Deutsche Bank


Development Bank of Japan


DHL


DNB Markets, Inc.


DP Aircraft / DS Aviation / Dr Peters Group


DVB


easyJet (legal panel)


Eversholt Rail


GB Railfreight


Global Ship Lease


ING


Investec


JP Morgan


KfW IPEX-Bank


Korea Development Bank


Lagos State Government


LATAM Airlines (Aviation finance panel – confidential)


Lloyds Banking Group plc


Lombard North Central PLC


LOT Polish Airlines


Macquarie


MUFG


New York Life


NORD/LB


Nordea


ORIX Corporation


Polskie Linie Lotnicze LOT S.A.


Prime Capital AG


Qatar Reinsurance


SACE S.p.A.


Scandinavian Airlines System (SAS)


Skandinaviska Enskilda Banken AB (SEB)


Société Générale


Stadler Rail


Standard Chartered Bank


Stena


Sumitomo Mitsui Banking Corporation


Sumitomo Mitsui Trust Bank


The City of Ottawa


The Department for Transport


The Go-Ahead Group


UK Export Finance


UniCredit S.p.A.


777 Partners


Work highlights


  • Advising the secured lender group on the restructuring/refinancing approximately $1bn of debt secured on 118 aircraft, as part of the $6bn debt restructuring of Nordic Aviation Capital in US Chapter 11 proceedings.
  • Acting as special aviation counsel to LATAM on its Chapter 11 restructuring.
  • Advised the Co-ordinating Committee comprised of financial institutions and export credit agencies (ECAs) representing over $500m million in debt, secured by certain of Altera’s vessels.

Watson Farley & Williams LLP

Drawing upon ‘an enormous wealth of knowledge and experience’ throughout the transportation sector, Watson Farley & Williams LLP‘s ‘technically impressive’ 25-partner team provides ‘pragmatic and commercial’ advice to a myriad stakeholders on an eclectic mix of asset finance transactions, ranging from relatively commoditised bilateral loans, through to heavily structured transactions, as well as advice on politically sensitive issues including as it relates to Russian sanctions. Under the leadership of the ‘technically excellent and commercially pragmatic’ Jim Bell, the firm’s aviation offering has ‘extraordinary broad experience in all aircraft finance and lease topics’, and is now the equal of its historically better-known maritime practice. Chris Mitchell , who is ‘able to structure complex legal projects’, including as it relates to debt financing in the capital markets, is also key to the team’s success, as is the ‘no nonsense’ Louise Mor (who also has significant rail expertise) and the ‘solutions focused’ Patrick Moore, who regularly advises creditors on aviation restructurings. Led from London by ‘trusted advisor’ George Macheras, and also able to call upon expertise in other key maritime centres throughout Europe and Asia, the firm remains a ‘remarkable one-stop-shop for shipping financing’, with expertise across structured financing and long term charters, new builds and second hand sale and purchase. Other key practitioners on the ship finance front include the ‘pragmatic’ Gary Walsh, who is popular among banking clients; Simon Petch , who has ‘extensive knowledge especially in the field of maritime finance and ESG related business’; Patrick Kirkby, who has ‘vast experience in shipping financing’, including on highly structured mandates; and Kate Silverstein, who provides ‘great quality advice’ to owners, lenders and charterers. Hall of fame practitioner Lindsey Keeble is now managing partner of the firm.

 

Practice head(s):

Jim Bell; George Macheras


Other key lawyers:

Louise Mor; Lindsey Keeble; Jeffrey Wool; George Macheras; Kavita Shah; Gary Walsh; Chris Mitchell; Patrick Moore; Patrick Kirkby; Dominic Pearson; Kate Silverstein; Richard Smith; Alison Weal; Simon Petch; Abi Carter; Liam Clozier; Natasha Collins; Jane Keith; Michael Keightley; Sarah Lunn; John Man; Katie Shiels; Emily Widdrington; Emeline Yew; Nicholas Yu


Testimonials

They have an enormous wealth of knowledge and experience which they apply in a calm, pragmatic and commercial manner.’

They provide a first-class service – they are technically impressive, well managed and co-ordinated, sensible and pragmatic and good to work with.’

‘A remarkable one-stop shop as far as shipping financing is concerned’.

‘The aviation team has extraordinary broad experience in all aircraft finance and lease topics.’

‘Jim Bell is both technically excellent and commercially pragmatic.’

‘Louise Mor is extremely quick to grasp the commercial needs of the transaction and identify the potential sticking points for clients and financiers. Her no nonsense approach is very refreshing and transactions move along at a good pace.’

‘George Macheras is a highly trusted advisor with unmatched contacts throughout the shipping world. Pragmatic and commercial, he is highly effective at cutting through obstacles and getting the deal done.’

Patrick Kirkby: able to comprehend complex issues, find the right solutions and then compose perspicuous and intelligible contractual clauses. A craftsman in precise drafting. Very knowledgeable and with vast experience in shipping financing.’

Key clients

Air Seychelles


Airbus Bank


Aircraft & Leasing Management


Alpha Trains Luxembourg S.a r.l


Avolon


Buss Global


Ermewa


Eurazeo


Falko Regional Aircraft Limited


Entrust


Investec


JP Morgan


KfW IPEX-Bank GmbH


Minsheng Financial Leasing


NatWest


Nexrail


Standard Chartered Bank


Work highlights


  • Advised Minsheng Financial Leasing in relation to the restructuring of AirAsia X (AAX), pursuant to a Malaysian Scheme of Arrangement.
  • Advised various clients on Russian sanctions advice. The most significant aspect of the work was the timely unwind of the bank financings (c. $1.5bn) to Sovcomflot, the Russian-state owned shipping company and one of the largest tanker operators globally, in accordance as EU, US and UK sanctions.
  • Advised Alpha Trains on its raising of €548m in a combination of senior and HoldCo level secured bank debt within its existing common terms financing platform.

Dentons

The 'very responsive and strong' four-partner team at Dentons is best-known for its aviation-related work, where it has a 'great awareness of the  commercial sensitivities' unique to a myriad different stakeholders, including banks, lessors and operators. In addition to the firm's core asset finance prowess, the team is also able to draw upon broader competences within the firm, as well as to leverage vast international resources, a one-stop-shop service which is particularly appreciated by major airlines. Paul Holland  is conversant with a broad array of financing transactions (including those utilising commercial and export credit-backed debt), and has provided vital support to several major airlines, including Emirates, during fraught financial and operational times during the pandemic. Stephen Temple has a deep understanding of the commercial sensitivities of clients in the operating leasing market, work which he combines with a strong airline practice that includes TAP Portugal, which he advises across a myriad work alongside Serge Sergiou . Temple co-heads the team alongside Sarah Dyke , whose broad-based asset finance expertise also covers work in the maritime field. Senior associate James Francis  is also a key member of the team and 'has extensive experience in JOLCOs and ECA financings', while at the other end of the seniority spectrum, Nick Chandler  has a consultancy role, having recently retired from the partnership.

Practice head(s):

Sarah Dyke; Stephen Temple


Other key lawyers:

Nick Chandler; Serge Sergiou; Paul Holland; James Francis; Grace Stobbart; Lee McLernon


Testimonials

They have assisted us with aircraft finance closings consistently and their service is always superior.’

‘The very responsive and strong strong team has great awareness of commercial sensitivities in complex matters.’

‘Paul Holland was hugely supportive of the airline during its most difficult financial and operational times during COVID.’

‘Serge Sergiou and Stephen Temple strike a difficult balance between keeping a sharp eye on details and not losing the overall objective and drive to close transactions within strict timing.’

‘James Francis brings a lot of calm and experience to the deal and is a confident lawyer we would always want to be on our side. He has extensive experience in JOLCOs and ECA financings.’

 

 

Key clients

Qatar Airways


Airbus Group


MUFG


Emirates


LCI Aviation


TUI Group


TAP Air Portugal


ORIX Aviation


Falko Regional Aircraft


Wizz Air


Minsheng Financial Leasing


RwandAir


Chorus Aviation


BoComm Leasing


Avolon Aerospace


UK Export Finance (UKEF)


Air Nostrum


Survitec Ltd


Ryanair


Engine Lease Finance Corporation


Virgin Atlantic


First Abu Dhabi Bank P.J.S.C.


Avia Solutions Group


Eastern and Southern African Trade and Development Bank


Faurecia


Work highlights


  • Advising the operating lessor ORIX Aviation in connection with the $9.58bn restructuring of Indonesian flag carrier PT Garuda Indonesia (Persero) Tbk (Garuda).
  • Advising Falko on the acquisition from Aergo Capital of a group of five BVI companies leasing four Q400 aircraft to Ethiopian Airlines and the transfer of the existing Export Development Canada financing of those aircraft.
  • Advising TAP in connection with the $312m finance leases of five A321 aircraft from operating lessor CAVIC Aviation Leasing (Ireland) Co., DAC (CAVIC).

Hogan Lovells International LLP

Led from London by the ‘vastly experienced’ Robert Fugard, and able to leverage significant international resources across the firm’s global network of offices, Hogan Lovells International LLP's ‘knowledgeable’ three-partner team’s principal focus remains on aviation work for a varied mix of lenders and borrowers. Mirroring Fugard’s own practice, the scope of the work is wide-ranging, running the gamut from bank and ECA-supported financings, to tax-enhanced mandates and capital markets-related matters, both from a new money as well as a restructuring context. The ‘excellent’ Richard Goss is also a key member of the team, particularly as it pertains to lessor-related work. Outside of the aviation sector, senior consultant Shalini Bhuchar  has experience advising on commercial and super yacht financing, while counsel Charles Ford  is noted for his rail work.

 

Practice head(s):

Robert Fugard


Other key lawyers:

Alexander Premont; Richard Goss; Shalini Bhuchar; Russell Green; Faraz Naqvi


Testimonials

‘The team is knowledgeable and always happy to assist.’

‘Robert Fugard is vastly experienced.’

‘Richard Goss is an excellent lawyer and my go-to for advice.’

 

Key clients

Norwegian Air Shuttle ASA/Arctic Aviation Assets DAC


Standard Chartered Bank/Pembroke Capital


Rolls Royce & Partners Finance


Icelandair ehf.


Avincis Mission Critical Services


UBS AG


Minsheng Commercial Aviation


Bank of China Aviation (BOCA)


African Export-Import Bank


Volotea


Viva Aerobus


Offshore Helicopter Services UK Limited


JSC Aircompany “SCAT”


LEAV Aviation GmbH


Natixis


Shannon Engine Support Limited


Work highlights


  • Advising Arctic Aviation Assets DAC on its finance lease facility for up to ten new B737 MAX-8 aircraft and two CFM LEAP-1A spare engines with CCB Leasing (International) Corporation DAC, to be operated by airlines in the Norwegian Air Shuttle group.
  • Advising Pembroke Aircraft Leasing (UK) Limited on the acquisition of two Airbus A321neo aircraft from CALC to be leased to China Airlines Limited.
  • Continue to advise Cross London Trains Limited on the £2.5bnThameslink rolling stock programme.

Holland & Knight (UK) LLP

Containing 'a strong mix of partners and senior associates', the growing team at Holland & Knight LLP continues to pick up market share as it relates to the acquisition, financing, leasing, and structuring of aircraft and helicopter transactions. Although the firm still regularly works alongside the firm's longer-established US offering, under the leadership of the 'vastly experienced' Robert Ricketts it is increasingly generating its own workflow, and has been particularly effective attracting many leading leasing companies. The scope of work for these lessors is broad, running the gamut from sophisticated sanctions advice, through to their role as creditors in numerous high-profile airline insolvencies. Victoria Koob and the 'very hands-on and approachable' Richard Sharman  have been at the forefront of many of these transactions, with Sharman also highly skilled at handling work for alternative financiers in the sector. 'Fantastic' associate Michael Holt  is also recommended.

Practice head(s):

Robert Ricketts


Other key lawyers:

Victoria Koob; Richard Sharman; Noelle Boyce; Michael Holt


Testimonials

This team contains a strong mix of partners and senior associates.’

It is a great team that is very responsive.’

Richard Sharman is very hands-on and approachable.’

Michael Holt is fantastic.’

 

Key clients

Avolon Aerospace Leasing Limited


BBAM Aircraft Management LP


AerCap Holdings, N.V.


SMBC Aviation Capital Limited


Aircastle Limited


Muzinich & Co. (Ireland) Limited


Storm Harbour Securities


Investec Bank Plc


Carlyle Aviation Partners


Airborne Capital


Fuyo General Lease Co., Ltd.


Braathens Aviation AB


AerSale


Shannon Engine Support Limited


Close Brothers Aviation and Marine Finance Limited


HEH Hamburger EmissionsHaus GmbH & Cle. KG


Sky Aero Leasing


Work highlights


  • Representing nine clients that collectively lease forty-six aircraft to SAS/their subsidiaries, firstly, in respect of their rights during the Chapter 11 process including with respect to arrangements relating to the use, maintenance and operation of the aircraft in this period and the claims of each creditor under the Chapter 11 process and, secondly, in relation to restructuring and/or renegotiating the leasing arrangements for their fleet of aircraft.
  • Advising various leasing companies in relation to matters arising as a result of the sanctions imposed by the US, EU and the UK following the invasion of Ukraine by Russia.
  • Advised Investec on $40m facility with Corrum Capital and Icelease. The funding will finance the acquisition of three 2005 vintage Boeing 737-800 aircraft with stub-leases to WestJet Airlines.

Pillsbury Winthrop Shaw Pittman LLP

Drawing upon a 'wealth of knowledge and experience in negotiating aircraft financing documentation', Pillsbury Winthrop Shaw Pittman LLP provides 'solutions-driven and efficient' advice to lenders and borrowers seeking or providing finance within the aviation sector. Leasing underpins a sizeable proportion of the workflow, whether it be the context of portfolio sales, acquisitions and financings, as well as on the establishment or unwinding of leasing platforms. Debra Erni  has 'a high level of knowledge' in this space and is particularly appreciated for her work in the Japanese market, where she adds value by dint of her fluent language skills and appreciation of cultural differences. 'Vastly experienced and super responsive' team head Graham Tyler also handles some lessor work, in addition to advice to airlines and export credit agencies, ensuring that he has an excellent perspective of the market. 'Practical and solutions-focused' counsel Chris Knight  is also a key member of the team, and is adept at handling cross-border aircraft and engine finance transactions for an eclectic mix of clients. Clients also benefit from the team's ability to leverage resources from the firm's US and Asia offices.

Practice head(s):

Graham Tyler


Other key lawyers:

Debra Erni; Antony Single; Rakhi Savjani; Chris Knight


Testimonials

The team has a wealth of knowledge and experience in negotiating aircraft financing documentation.’

We enjoy working with them because we can rely on getting updated market trends.’

Solutions-driven and efficient documentation process management.’

‘Graham Tyler is vastly experienced and super responsive and can be relied on to give an interesting unique perspective we may not have have considered.’ 

Debra Erni has a high level of knowledge and expertise on aircraft leasing matters.’

Chris Knight is diligent, practical and solutions-focused.’

‘Chris Knight is vastly experienced in aircraft financing and is comfortable navigating and explaining his way around the suite of documentation required to finance aircraft.’

Key clients

Air Lease Corporation


Bank of Tokyo Lease


Deutsche Bank


Dubai Aerospace Enterprise


Dubai Islamic Bank


Elliott Management


Emirates Airlines


Ethiopian Airlines


Export Development Canada


FIDERA


ICBC Leasing


HSBC


Jackson Square Aviation


Minsheng Financial Leasing


Mitsubishi Corporation


Novus Aviation Capital


Oaktree Capital Management


Qatar Airways


Macquarie AirFinance


SMBC Aero Engine Lease


Stratos


Tamweel Aviation Funding


TrueNoord Regional Aircraft Leasing


World Star Aviation


Work highlights


  • Advised Oaktree Capital and its servicer World Star Aviation on the post-acquisition refinancing of a 36 cargo aircraft portfolio.
  • Advised DAE as borrower in relation to $2bn worth of facilities, including financing to support DAE’s acquisition of 36 aircraft from Sky Leasing.
  • Advised TrueNoord Regional Aircraft Leasing in a 10 aircraft portfolio acquisition from Nordic Aviation Capital.

Reed Smith LLP

With six partners based out of London who have a focus on transportation finance matters and also aided by a strong geographical spread across Asia, Middle East, Europe and the US, Reed Smith LLP is well-positioned to advise clients on cross-border mandates, irrespective of geographical location. The team has gained most acclaim for its funds-related work in the shipping and aviation sectors, with investor clients appreciative not only of the direct asset finance strength but also the ability to leverage broader restructuring and litigation competences. These complementary skills are particularly important in relation to non-performing loan transactions, an area that Robert Wilkins is particularly skilled on the buy-side within the shipping sector. Richard Hakes, who co-heads the team alongside Wilkins, has 'exceptional understanding of fund financing and inter-creditor issues', and is consequently well-positioned to advise on complex structured finance-related shipping mandates, as well as his premium work for private equity funds within the aviation sector. Praised for his 'positive attitude and ability to push deals through', Philip Rymer is also a key member of the team for more conventional ship financing mandates. 'Solutions-oriented' counsel Andrew Harper  is 'always on top of legal and industry developments' and is gaining an excellent reputation in the aviation sector among banks, lessors and funds.

Practice head(s):

Rob Wilkins; Richard Hakes


Other key lawyers:

Christopher Jackson; Philip Rymer; Susan Riitala; Catriona Henderson; Andrew Harper; Luke Drake


Testimonials

The firm provides to the point, efficient and quick advice.’

They are one of the top-tier shipping firms. They have helped us with shipping loan portfolio acquisitions and work-outs which straddle shipping, structured finance, and restructuring skillsets.’

It is standout for its knowledge of ESG and its impact and the opportunities and challenges it provides for aviation and aviation finance.’

Work highlights


Stephenson Harwood

Combining 'exceptional technical and commercial knowledge of the shipping industry', Stephenson Harwood provides 'pragmatic and solutions-oriented advice' to commercial banks, alternative finance providers and operators. Ship finance head Ian Mace has deep knowledge across varied financing structures (including export credit backed deals and commercial debt, as well as more esoteric structures like Islamic finance) and is a popular choice among creditors and debtors on new money transactions and restructurings in the core shipping and offshore markets. Able to call upon a vast reservoir of knowledge gathered over his many years' in practice, Jonathan Ward remains a strong presence in the market, and is particularly effective advising on matters with a Chinese nexus. Other recommended practitioners include Greek national Dora Mace-Kokota - who is able to 'find compromising, creative and pragmatic solutions' for both Greek and non-Greek clients - and recently promoted partner Jon Cripps, who 'has exceptional specialist knowledge on complex structures', including JOLCOs and back leverage structures. While shipping remains the bedrock of the practice, under the guidance of Richard Parsons, the aviation practice continues to thrive, including in the developing area of passenger to freight conversion projects. Rebecca Garner, who has 'quite a remarkable eye for detail!', is a popular choice for clients on aircraft acquisition and leasing. Tammy Samuel and Suzanne Tarplee co-head the rail offering, while Lisa Marks' broad equipment finance and leasing practice includes rail work, as well as an increasing amount of mandates relating to electric vehicles.

Practice head(s):

Tammy Samuel; Suzanne Tarplee; Ian Mace; Richard Parsons; Lisa Marks


 


Other key lawyers:

Jonathan Ward; Dora Mace-Kokota; Rebecca Garner; James Collins; Jon Cripps; Shaun Park; Charlotte McNeilly; Roderick McGeachy; Elena Tang


Testimonials

‘They have excellent breadth and depth of knowledge in the shipping sector.’

‘Combining exceptional technical and commercial knowledge of the shipping industry, the team provides pragmatic and solutions-oriented advice.’

‘Jon Cripps is practical with a wealth of knowledge for complex back leverage financings.’

Jon Cripps is highly responsive to client requests and fully engaged throughout the projects. He has exceptional specialist knowledge on complex structures (including JOLCOs).’

‘Shaun Park always delivers a great service and is available to answer any questions.’

Dora Mace-Kokota’s  perfect knowledge of the industry is extremely valuable as she will find compromising, creative and pragmatic solutions.’

Rebecca Garner can speak French when negotiating the purchase of our aircraft in France and Rebecca is the only lawyer we know who can do the physical and practical due diligence when checking over the aeroplane herself inside and out – quite a remarkable eye for detail!’

Key clients

Abellio Transport Holdings Limited, Transport UK Group Limited and Abellio Bus


ABN AMRO Bank N.V.


Aircraft Leasing and Management


Altavair


Archway Aviation


Arriva UK Trains Limited (including all TOCs – Arriva Rail London, CrossCountry, Chiltern, Grand Central)


Australia and New Zealand Banking Group Limited


Avation PLC


BW Offshore Limited


CAF (Construcciones y Auxiliar de Ferrocarriles)


Centrus / Corelink


DNB Bank ASA


DSF


EnTrust


Fuyo Lease Group


Global Atlantic Financial Group


JP Morgan


Lombard North Central plc / National Westminster Bank plc


ICBCFL


IndiGo


ING


Macquarie


Macquarie AirFinance


Morgan Stanley


MPCC


MUFG Bank, Ltd.


Nordea


Oaktree Capital Management / Fleetscape Capital Limited


Oceanbulk


Rostrum Leasing


Sky Leasing


Starbulk


Sumitomo Mitsui Banking Corporation


Taiping Fontainburg DVB Aviation Capital


Touax Rail


Trenitalia UK Limited (and Trenitalia c2c)


Varamis Rail


Zenobe


Work highlights


Vedder Price

The ‘extremely knowledgeable and commercial’ team at Vedder Price is best-known for its work in the aviation space, with clients, which include lessors, banks, carriers and investors, receiving ‘pragmatic and practical’ advice across a wide range of of secured and unsecured loan and lease financing and capital markets transactions. The team works particularly well on complex multi-jurisdictional mandates, with it effectively collaborating with its US colleagues, if necessary, on New York-law governed deals led from London, as well as being able to handle English law deals for US clients. Neil Poland  is a ‘strong all-rounder’, who is as comfortable on the debtor side as he is on the creditor front, including a considerable amount of recent PDP financing work for his airline client base. Derek Watson is the ‘go-to-guy when it comes to difficult topics’ for lessor clients, while also maintaining a very credible lender side practice on the corporate jet front. Gavin Hill  has a particular focus advising banks on financing work in the sector, while the ‘very knowledgeable and pragmatic’ Dylan Potter ‘s expertise extends beyond the aviation space to also include a considerable amount of shipping work, including for alternative investors buying distressed assets in the sector.

Practice head(s):

Geoffrey Kass (Chicago)


Other key lawyers:

Gavin Hill; Neil Poland; Derek Watson; Bill Gibson; Dylan Potter; John Pearson; Natalie Chung


Testimonials

‘It is a strong team that works together very efficiently.’

‘They are the creme de la creme when it comes to drafting or advising on very technical aspects in documentation and take a pragmatic and practical approach.’

‘Extremely knowledgeable and commercial, understanding their clients’ objectives and risk tolerance. Vedder Price is one of the preeminent law firms with respect to financing and investing in transportation assets generally.’

‘Derek Watson is the go to guy when it comes to difficult topics and he is truly excellent.’

‘Derek Watson’s knowledge and expertise. He is diplomatic and not condescending with less experienced opposition and should be commended as maintaining the commercial relationship between and aircraft lessor and third parties is fundamental for our business to grow.’

‘Neil Poland is a strong all-rounder.’

‘Dylan Potter is very knowledgeable and takes a pragmatic approach to solving legal issues. He works incredibly hard, juggling many diverse matters for us and I’m sure other clients as well.’

 

Key clients

Airbus


BayernLB (Bayerische Landesbank)


Castlelake


CDB Aviation


CA-CIB (Crédit Agricole Corporate and Investment Bank)


DekaBank (DekaBank Deutsche Girozentrale)


Helaba (Landesbank Hessen-Thüringen Girozentrale)


Lynx Air


NordLB (Norddeutsche Landesbank Girozentrale)


volofin Holdings DAC


Work highlights


  • Represented CA-CIB (Crédit Agricole Corporate and Investment Bank) in relation to the Ex-Im Bank financing of 2x Boeing 777-300ERs for the benefit of KLM.
  • Represented Castlelake on a purchase and leaseback relating to four Boeing 787 aircraft leased to Singapore-incorporated airline, Scoot.
  • Represented Lynx Air in a lessor PDP and sale and leaseback of Boeing 737-8 MAX aircraft.

White & Case LLP

White & Case LLP punches above its weight by virtue of being able to effectively collaborate with practitioners across its international network, as well as practitioners in associated practice areas including project finance, energy and restructuring. The team remains best-known for its aviation work, with a ‘particular strength on cross-border complicated leasing structures and transactional restructurings’. Team head Justin Bensondelivers high-quality advice’ to a range of stakeholders including banks and ECAs, airlines, and leasing companies. The arrival in July 2023 of the ‘supremely experienced’ Mark Moody  and a team of highly capable associates, including the ‘very knowledgeable’ Rishi Raheja  from Winston & Strawn LLP, was a major fillip for the firm and vastly enhances its bench strength for aviation finance matters.

Practice head(s):

Justin Benson


Other key lawyers:

Mark Moody; Rishi Raheja; James Turner; David Wright


Testimonials

‘For complex aviation finance matters they are very good external counsel.’

 ‘Their particular strength is with cross-border complicated leasing structures and transactional restructurings and the related amendments to existing documentation.’

‘Justin Benson is very responsive, pays attention to details and delivers high quality advice.’

The supremely experienced Mark Moody sets the gold standard in this area and provides detailed, pragmatic and solutions focused advice.’

Rishi Raheja is very knowledgeable, helpful and organised.’ 

‘Mark Moody is a very well recognised lawyer with years of industry experience and expertise in the sector, and is able to provide clients with detailed, pragmatic and solutions focused advice. Rishi Raheja is a very capable associate and is adept at managing transactions.’

‘Mark Moody and Rishi Raheja are always available and able to deliver excellent work. Working with them is always a pleasure.’

Key clients

Bpifrance


Euler Hermes


UK Export Finance


KfW IPEX-Bank GmbH


Carlyle Aviation


BNDES


Nordea Bank


Arabian Drilling Company


Azorra Aviation Holdings LLC


Work highlights


  • Represented Azorra Aviation Holdings LLC in connection with the PDP financing for 12 new A-220 aircraft provided by Natixis.
  • Advised the agent and existing term loan lenders on an English Scheme of Arrangement proposed by Petroserv Marine Inc. (Petroserv), which was sanctioned by the High Court of England and Wales on June 23, 2022.

Bryan Cave Leighton Paisner

The 'very commercial and responsive' team at Bryan Cave Leighton Paisner is best-known for its rail-related procurement, leasing and finance work  for a lessor-focused client base that includes Angel Trains and Beacon Rail. 'Very strategic' team head Russell Clifford 'knows the rail market inside out', ensuring that he is instructed not only on high-profile domestic mandates but also an increasing volume of international work, as certain clients seek to expand into Continental Europe. The 'level-headed' Jamie Wiseman-Clarke  is 'a pro-active problem solver', acting on his own, as well as with Clifford, on core rolling stock leasing work. Drawing upon in-house expertise gained through his time at the Office of Passenger Rail Franchising and the Strategic Rail Authority, Jason Chamberlain has deep rail knowledge and 'is indispensable when dealing with highly technical matters'. Anton Chambers is the main contact for the firm's much smaller aviation finance offering and handles work for lessors, asset management firms and start-up airlines.

Practice head(s):

Russell Clifford; Anton Chambers


Other key lawyers:

Jamie Wiseman-Clarke; Jason Chamberlain; Deborah Boddy; Ricardo de Oliveira; Chris Chane; Bryony Choy


Testimonials

‘The team at BCLP is very commercial and extremely responsive.’

‘Russell Clifford’s knowledge of the sector is broad and deep, and he is a partner to our business and a valued confidante.’

Russell Clifford is strategic and knows the rail market inside out. He always provides pragmatic legal advice, which we highly appreciate.’

Jamie Wiseman-Clarke leads the majority of our leasing matters – he is level-headed and a pro-active problem solver in all discussions.’

Jason Chamberlain is indispensable when dealing with highly technical matters.’

Key clients

EY


Falko Regional Aircraft


ICBCIL Aviation Company


Milestone Aviation Group


Condor Flugdienst


Green Africa Airways


Fosun Investment Holdings


ACR Capital Research


Angel Trains


Beacon Rail


Heathrow Airport


Transport for London


National Westminster Bank


Work highlights


  • Advised Angel Trains on the impact on its rolling stock leasing arrangements of passenger operators’ existing franchise agreements expiring early, including, for example, the Greater Western and East Midlands franchises, and being replaced by direct award franchise agreements in the form of national rail contracts.
  • Advised Angel Trains in relation to the procurement of train-borne equipment and software as a service to capture the LiDAR data of Network Rail’s infrastructure
  • Advised Beacon Rail on the leasing and procurement of 30 new Stadler locomotives, for operation by GB Railfreight.

HFW

The ‘very engaged and well organised’ team at HFW remains best-known for its expertise within the shipping sector, where clients, which include lenders, lessors, operators and funds, benefit from a ‘pragmatic and collaborative’ approach, not only on core finance matters but also broader concerns including litigation, regulation and decarbonisation within the industry. Dual UK and Sweden-qualified partner Gudmund Bernitz has a ‘fantastic knowledge of the shipping industry’, including on matters which have a connection to Scandinavia and northern Europe. As well as handling conventional finance work, including ECA-supported deals, Bernitz has also been involved in “green” financing deals, as well as leading the the firm’s efforts more generally on sustainable shipping projects. Other key ship finance practitioners include team head Adam Shire; recently promoted partner Ian Hughes , whose work includes advice to lenders to the super yacht industry; and Katherine Noble, whose ‘excellent legal knowledge and commercial understanding’ is deployed to good effect for a lender-focused client base that includes banks and ECAs. Shire also handles corporate jet transactions and is part of a growing aviation offering that is spearheaded by David Brotherton following his recent return from the firm’s Singapore office. Other key aviation finance practitioners include Barbara Pansadoro, who is well versed across a range of aircraft and engine finance transactions, and Rebecca Quayle, whose broad transactional expertise in the space includes advice on sale and leasebacks, engine operating leasing, and export credit financings.

Practice head(s):

Adam Shire; David Brotherton


Other key lawyers:

Gudmund Bernitz; Zohar Zik; Rebecca Quayle; Barbara Pansadoro; Ian Hughes; Katherine Noble; Alana Checksfield; Zoe Triantafyllou


Testimonials

‘The reliable team is very engaged and well organised.’

The team are pragmatic and collaborative. They help to find practical solutions to commercial issues identified in the course of various projects.’

Gudmund Bernitz is a top-class operator, who knows which points to push and which to leave.’

Gudmund Bernitz has a fantastic knowledge of the shipping industry, both legal aspects as well as commercial rationale.’

Katherine Noble has excellent legal knowledge and commercial understanding which makes every deal a pleasure to work on.’

Key clients

Air Europa Líneas Aéreas S.A.U (Air Europa)


Avenir LNG


Avolon


Challenge Aviation Services Limited


Credit Agricole Corporate and Investment Bank


Falko


Günes Ekspress Havacilik A. Ş. (SunExpress)


HSBC Bank


ICBC Leasing


KfW IPEX Bank GmbH


Macquarie Bank


Northern Offshore Services


Proman


Skandinaviska Enskilda Banken AB (publ)


Swedbank


Tsakos Energy Navigation


Turistik Hava Tasimacilic A.S. (Corendon Airlines)


Turkish Airlines, Inc.


Work highlights


  • Advising Proman AG in connection with the establishment of a Luxembourg alternative investment fund to invest in 4 (plus) low emission vessels which will be on 15 year bareboat charters.
  • Acting for Skandinaviska Enskilda Banken in connection with a €515m revolving multicurrency credit facility made available by a syndicate of 12 banks to AB Stena Finans for general corporate purposes of the Stena AB Group.
  • Acting for Avenir LNG Limited (a JV between Hoegh, Stolt Nielsen and Golar) in connection with the financings of LNG supply and bunkering vessels with ABN and Danske Bank as lenders.

Addleshaw Goddard

Leveraging ‘deep knowledge’ of the sector, both out of core regional offices, and London, Addleshaw Goddard provides ‘commercially sensible’ advice to lessors, lessees, lenders and operators. The arrival of vastly experienced partner Simon Gwynne from Norton Rose Fulbright in May 2022 enhances the firm’s capabilities at handling big-ticket leasing/asset finance mandates. Although Gwynne is best-known for his work within the rail sector, he is also noted for his ‘valuable insight into how leasing constructs in other sectors could be relevant’. This was exemplified by his recent advice to Rock Road developing a debt and equity funding solution on the first non-recourse SPV financing of zero-emission buses in the UK. Ed Watt  in Edinburgh spearheads the firm’s efforts on the ship finance front, while in Manchester, Andrew Maskill is noted for his mid-market leasing work, which includes some transport assets, in addition to equipment and machinery.

Practice head(s):

Andrew Maskill; Simon Gwynne; Ed Watt


Other key lawyers:

Alan Shanks; Elizabeth Wareing; Ryan Gilmore


Testimonials

The firm has always been attentive, on the ball and commercially aware for any transactions I have worked on.’

The level of professionalism and approachability is of incredibly high quality.’

They are commercially sensible and always legally protective of the side they are representing.’

The team showed deep knowledge of the transportation sector and provided valuable insight into how leasing constructs in other sectors could be relevant.’

‘Simon Gwynne’s commitment and positive “can do” attitude whilst working to a tough and at times unrealistic deadline was greatly appreciated.’

‘Andrew Maskill and Elizabeth Wareing have both been a joy to work with.’ 

 

Key clients

SMBC


Societe Generale


NatWest Bank


Lombard


Equitix


Akiem


Scotrail Trains Limited


VTG


Caledonian Maritime Assets Limited


British Business Bank


HSBC Equipment Finance


Close Brothers


Investec


Work highlights


Clyde & Co

Enhanced by the arrival of the specialist aviation team from REN Legal in October 2021 and more recently by the 'very practical' Jahnavi Ramachandran in January 2023 from Herbert Smith Freehills LLP, Clyde & Co is an increasingly credible proposition for a diverse array of stakeholders in relation to the financing and leasing of assets in the sector. The 'very experienced' Norman Fraser co-heads the team alongside corporate jet expert Mark Bisset and provides 'astute commercial advice', including for funds providing finance for the acquisition of aircraft and engines. The 'client oriented' Nicholas Harding has strong relationships with a number of airlines, which he advises across a range of transactions, including sale and leasebacks, and on tax-advantaged structures. The firm is also 'extremely knowledgeable on shipping transactions', with clients, which include owners, banks and funds,  appreciative of their excellence at 'finding commercial solutions which work legally'.  Marie-Anne Moussalli co-heads the team alongside consultant Dan Tindall and is noted for her 'high-quality legal advice' across a range of matters, including as it relates to LNG and floating oil and gas projects.

 

 

Practice head(s):

Mark Bisset; Norman Fraser (Co-heads Aviation Finance); Marie-Anne Moussalli; Dan Tindall (Co-heads Marine Assets and Projects)


Other key lawyers:

Giovanna Cabbia; Nicholas Harding; Richard Mumford; Jahnavi Ramachandran; Roger Whipp; Rob Lawson; Tom van der Wijngaart; Kirsten Cottrell-Conacher; Kirstin MacDougall; Amanda Paterson; Cecily Scutt; Alfredos Theodorou; Ioanna Tsekoura


Testimonials

‘Deal makers not deal breakers, they are excellent at finding commercial solutions which work legally.’

‘They are extremely knowledgeable and always give practical and useful advice.’

‘The lawyers are extremely knowledgeable within shipping transactions, buying/seller/chartering and also the corporate structure, shareholder documents and financings.’

Key clients

Wizz Air


Vistara


Avilease


Natixis


volofin Capital Management


Amergin Asset Management


Engine Lease Finance Corporation


Credit Suisse


JP Morgan


UPS


Turkish Airlines


Air Baltic


Royal Air Maroc


Aegean Airlines


Etihad


Sun Express


Infinity Aviation


Vx Capital


Work highlights


K&L Gates LLP

Despite the departure in October 2022 of Sidanth Rajagopal to Morgan, Lewis & Bockius UK LLP, K&L Gates LLP maintains considerable market visibility among lessors, in particular, across a range of new money and restructuring mandates. Peter O'Hare handles much of this work and has expertise across a range of financing transactions, including capital markets-related matters and large portfolio trading and warehouse financing transactions. 'One of the best, most knowledgeable legal professionals in aviation field', Philip Perrotta co-heads the team alongside O'Hare, regularly handling complex matters for parts suppliers and manufacturers.

 

Practice head(s):

Pete O’Hare; Philip Perrotta


Other key lawyers:

Max Griffin


Testimonials

‘It is the involvement and passion….. Transmits confidence and that client is not just a “time sheet filling provider.”…’

‘You really fell that they are there for your case and will do all they can to get the best for your project/intentions/case.’

‘As a client we value the professionalism of the team as well as high communication skills and responsiveness.’

‘ Philip Perrotta has a unique skill of providing high-quality legal advice and is one of the best most knowledgeable legal professionals in the aviation field.’


Key clients

Abelo Capital Aviation Management Limited (formerly Elix Aviation Management Limited)


JLPS Ireland Limited


LCI


Work highlights


  • Advising the borrower on the Balthazar backed limited recourse financing of an A350 aircraft leased to a European flag carrier pursuant to a Japanese operating lease (a first-in-kind transaction).
  • Advising the lessor on the sale and leaseback of A320NEO aircraft with an Indian airline (one of the largest sale and lease back transactions completed in the market in 2022).
  • Advising a joint venture on a master term loan agreement secured on a portfolio of helicopters.

Linklaters LLP

Led by Olga Petrovic , Linklaters LLP‘s ‘technically brilliant and commercially minded’ team excels in advising aviation and shipping clients on complex cross-product, multi-jurisdictional mandates, where it is able to effectively collaborate with lawyers in key international offices (including in Luxembourg and Frankfurt), as well as associated practice areas, including restructuring, litigation, capital markets, and funds. Corporate and structured lending partner Caroline Courtney  leverages her broad and deep loan products expertise to good effect to provide a ‘very client-focused’ service to creditors and debtors engaged in maritime and aviation-related financings.

Practice head(s):

Olga Petrovic


Other key lawyers:

Caroline Courtney; Rebecca Jarvis; Chiara Larghi; Alliance Mukengeshayi; Stephen Adrian


Testimonials

‘The team is a pleasure to work with and is very conscious of delivering expertise and value to its clients.’

‘The superb team is technically brilliant and commercially minded – a safe pair of hands.’

‘Excellent lawyers with high degree of sector specific understanding.’

‘Caroline Courtney and Olga Petrovic are excellent and very client focused.’

 

Key clients

Bank of America


Banque et Caisse d’Epargne de l’Etat, Luxembourg


Barclays


Cargolux Airlines International S.A.


Cathay Pacific Airways Limited


China Aircraft Leasing Group Holdings Limited


Citibank N.A.


Credit Agricole Commercial and Investment Bank


Cross Ocean Partners


Deutsche Bank AG


Goldman Sachs


Hapag-Lloyd AG


hsh portfoliomanagement AöR


IAG


Joint Provisional Liquidators of Genting Hong Kong Limited and Dream Cruises Holding Limited


JP Morgan


Lufthansa


MUFG


NatWest Bank


SeaCube Containers


SMBC Bank International Plc


Strategic Value Partners


UBS AG


Work highlights


  • Advise MUFG on the tail end of their $6.3bn acquisition of the aviation finance business of DVB Bank SE.
  • Advised the lenders in relation to the restructuring of Nordic Aviation Capital.
  • Advised Banque et Caisse d’Epargne de l’Etat, Luxembourg and Cargolux Airlines International S.A. on the financing of the jack-up installation vessel ‘Voltaire’, the world’s tallest jack-up installation vessels.

Bird & Bird LLP

Although it currently has less pure asset finance-focused practitioners based in London, Bird & Bird LLP has ‘excellent all-round coverage’ within the aviation sector, including on operational matters, regulatory and disputes. Of counsel Paul Briggsdisplays a high level of professionalism and excellent oversight’, and has deep aviation sector knowledge developed through his many years in private practice and in-house at BAE Systems. Briggs has recently been particularly active advising on passenger to freighter projects, and has also had considerable input, along with the firm’s insolvency offering, on restructuring mandates.

Practice head(s):

Leo Fattorini (Singapore)


Other key lawyers:

Paul Briggs; Sophie Eyre; Simon Phippard; Carey Tang


Testimonials

‘The team provides excellent all-round coverage.’

Paul Briggs displays a high level of professionalism and excellent oversight.’

Carey Tang was very diligent and provided a high degree of expertise in her work.’

Key clients

Airbus Bank


EMP Structured Assets GmbH


ITOCHU Air


Lease Corporation International


Luxaviation


Seraph


Smartwings/Czech Airlines


Erste Bank


Turkish Airlines


Work highlights


  • Advising GHZ Air I Limited on part of the strategic Passenger to Freighter trend.

EY LLP

Led by Alan Cunningham, EY LLP‘s newly formed team has made an immediate impact in the market with the transfer of DLA Piper ‘s entire asset finance practice at the end of 2022. He is also joined at a partner level by Richard Skipper, who like Cunningham ‘has a strong background in the aviation sector’. The team has already picked up plaudits for its ‘creative and innovative’ advice and its ‘ability to think-outside-the box’, with airlines, lessors and banks appreciative not only of the principal partners’ legal and commercial prowess but also their ability to leverage the firm’s broader network.

Practice head(s):

Alan Cunningham


Other key lawyers:

Richard Skipper; Claire Manley; Anna Powers


Testimonials

‘The lawyers have an excellent ability to think outside the box.’

‘The team is very commercially/business driven, responsive, creative and innovative.’

‘Alan Cunningham has extensive experience in the aviation field and technical prowess.’

‘Alan Cunningham has deep knowledge of the industry and is a highly capable transaction lawyer.’

‘Richard Skipper has a strong background in the aviation sector.’

Key clients

Flybe Limited


Flyr AS


Work highlights


  • Acting for the new Flybe business in lessor RFP negotiations for the launch fleet and acting for Flybe on all lease and financing arrangements with NAC and other lessors and the delivery of the new aircraft.
  • Acting for the new Flyr business in lessor RFP negotiations for the launch fleet and acting for Flybe on all lease and financing arrangements with ALC and other lessors and the delivery of the new aircraft.

Smith, Gambrell & Russell, LLP

Since its London office was established in 2017, Smith, Gambrell & Russell, LLP has steadily continued to grow its market visibility as a result of its ‘commercially minded’ approach for operators, banks, and lessors across a range of cross-border aviation finance and leasing matters. The ‘extremely personable’ Mark Turnbull has been pivotal to the team’s success and has effectively leveraged the firm’s much more well-established US roots to good effect on transatlantic deals. The arrival in April 2022 of ‘seasoned aviation lawyer’ Adrian Beasley further enhances the team’s credentials, in light of his ‘pragmatic and commercial approach to his deals’. 

Practice head(s):

Peter Barlow (New York)


Other key lawyers:

Adrian Beasley; Ben Graham-Evans; Matthew Leigh; Mark Turnbull;


Testimonials

‘They have strong aviation knowledge/experience, are commercially minded and extremely efficient especially when deadlines are tight.’

The team is well experienced in aviation financings and also cross-border deals.’

Seasoned aviation lawyer Adrian Beasley takes a pragmatic and commercial approach to his deals and is adept at getting people to see his point of view.’

Burges Salmon LLP

Bristol-based firm Burges Salmon LLP has 'deep and practical knowledge of UK rail, its structure, contracts and stakeholders', ensuring that it is well-placed to advice both lenders and borrowers on complex transactions. Chris Simms, who is a 'market leader in rolling stock projects',  co-heads the team alongside Brioney Thomas , with both regularly handling major rolling stock procurement and financing work for many of the country's largest train operating companies.

Practice head(s):

Brioney Thomas; Chris Simms


Other key lawyers:

Chris Lewis


Testimonials

‘Deep and practical knowledge of UK rail, its structure, contracts and stakeholders. Particular focus and skill set around rolling stock contracts and leasing.’

‘They provide well considered and sensible advice. They are not condescending to non-lawyers and are easy to get on with.’

‘The team was pragmatic, helpful and committed to get our transaction done to a challenging timetable. Where problems arose they proposed helpful and creative solutions to move the deal forward.’

‘Chris Simms has a very practical, pragmatic and professional approach. He is a market leader in rolling stock projects and managing the contractual interface between OEM, operator and owner.’

Key clients

Transport for Wales (TfW) / Transport for Wales Rail Limited (TfWRL)


First Greater Western Limited trading as GWR


First TransPennine Express Limited trading as TransPennine Express


Transport for Wales (TfW)


First MTR South Western Trains


West Midlands Trains Limited


Work highlights


  • Advised Transport for Wales and the Welsh Government on the recast of TfWRL’s maintenance arrangements across the three new TfW Stadler fleets.
  • Advised First Greater Western Limited/GWR on the negotiation and entry into rolling stock leasing arrangements in connection with the award of a new National Rail Contract from the Department for Transport.
  • Advised Cardiff Parkway Developments Limited in connection with the major new station development and regeneration scheme at Cardiff Parkway, which is expected to see over 800,000 passengers a year.

Campbell Johnston Clark

Now headed by James Clayton, following founding partner Jonathan Campbell’s move to an in-house role, the commercial and finance team at boutique shipping firm Campbell Johnston Clark remains active for lenders and owners across a range of cross-border new money and refinancing transactions. Clayton is one of several team members that has former in-house maritime expertise, including senior associate Amy Lindemann, whose previous role as legal counsel at a major offshore drilling contractor ensures she is particularly well equipped to advise on matters including LNG projects.

Practice head(s):

James Clayton


 


Other key lawyers:

Amy Lindemann


Testimonials

‘James Clayton is a dynamic leader, and Amy Lindeman is a key senior associate, who is technically excellent.’

‘James Clayton has a wealth of knowledge in this field, he is also extremely efficient, and pragmatic. He provides legal advice, which isn’t just sensible, but also commercially viable.’

Key clients

ABN AMRO Bank


Aircat


Anglo Shipping


BOT Lease


Carisbrooke Shipping


Columbia Shipmanagement


Cool Co


Credit Europe Bank


Credit Suisse


GNMTC


Gulf Navigation


Hadley Shipping / Foreland / AW Ship Management


James Fisher PLC


Kiran Shipping


Lomar Shipmanagement


Mitsui OSK Line (MOL)


Pacific Green Technologies Group


Pan Ocean


PG Tankers


Sahara


Seaboard Marine


Siem Group


SMT Shipping


Union Maritime


Work highlights


  • Acted for Cool Company on the US$660m acquisition of four LNG Carriers and two LNG newbuilds under an option agreement and novation of shipbuilding contracts.
     
  • Acted for Gulf Navigation in relation to a US$62m sale and leaseback refinancing of 5 chemical tanker vessels.
  • Acted for a major European bank granting a US$100,000,000 revolving loan facility to refinance five bulk carrier vessels owned by a Greek ship owner.

Freeths LLP

The arrival in April 2022 of Tom Johnson  from Norton Rose Fulbright has enhanced Freeths LLP's rail finance credentials, in light of his longstanding expertise at handling rolling stock acquisitions, and financing and purchase agreements. Bristol-based partner Michael Bray handles real estate-related rail work and heads up the firm’s multi-disciplinary transport practice.

Practice head(s):

Tom Johnson (head of rail); Michael Bray (head of transport)


Key clients

Porterbrook


GB Railfreight


Tronos Limited


Tronos AG


Vivarail Limited


North Yorkshire County Council


Work highlights


  • Advising GB Railfreight in relation to the leasing of certain locomotives from A Locomotive Pool Structure 3 Ltd., a subsidiary of Akiem S.A.
  • Advising Vivarail Limited, a British rolling stock company and a leading global manufacturer of emission-free trains based around modern battery technology, on matters of contractual interpretation arising in relation to a rolling stock purchase contract.

gunnercooke LLP

gunnercooke LLP has a focus on rail-related asset finance work following the arrival of Clive Smith  from Addleshaw Goddard in April 2022. Smith heads the fledgling team and is particularly recognised for his work on all things rolling stock-related, including its manufacture, purchase, finance, leasing, maintenance, modification and freight-conversion.

Practice head(s):

Clive Smith


Testimonials

‘Clive Smith at gunnercooke is unique in his understanding of complex asset finance and leasing transactions, creating drafting which is as easy to understand as possible, taking account of the complexities and inter-relations between complex documents in a transaction suite. He is the “go to” person for completion of a complex deal in short timescales.’

‘Clive Smith stands out far and above his competitors for understanding and resolving complex issues within tight deadlines.’

Work highlights


  • Advising Eversholt Rail Group on its bid for the financier role in respect of a potential new-build fleet of bi-mode rolling stock.
  • Advising Eversholt Rail Group in connection with various matters consequent upon the new National Rail Contract (NRC) awarded to East Midlands Railway (EMR).
  • Advising Equitix in connection with 2 separate rounds of amendment/restructuring in respect of a €50m investment by SMBC Leasing.

Hill Dickinson LLP

Co-headed by Roderick Palmer  and Panos Pourgourides, Hill Dickinson LLP provides ‘attentive and reactive’ advice to lenders and borrowers on financing transactions within the commercial and offshore shipping sectors. Pourgourides has a strong following among ultra-high-net-worth individuals, regularly advising them on yacht and super yacht financings.

Practice head(s):

Roderick Palmer; Panos Pourgourides


Other key lawyers:

Diana Syziu; Rajveer Sehmi


Testimonials

‘Very attentive and reactive. Capable of handling complicated financings as well as straightforward transactions.’

‘Hugely knowledgeable, Commercial and pragmatic, consistently delivering the highest level of service.’

‘Panos Pourgourides is a “go to” marine lawyer.’

Key clients

ADES Arabia


Advanced Energy Systems


Bank of America


BB Energy


Berge Bulk


BNP Paribas


BORE


Chailease Finance


Close Brothers


First Ocean


G Adventures


Government of Oman


HSBC


Intership


Investec


J Marr Seafoods


JP Morgan


Lavinia Corp


Lombard North Central plc


Makro Shipmanagement


Mashreqbank PSC


Neu Seeschiffahrt GmbH


Oil Chart


Polstream


Samsung Heavy Industries


Siem Shipping


Socar


Spielthoff’s


UML


Zakher Marine International Inc


Work highlights


  • Acting for ADES on its acquisition of Seadrill fleet of offshore rigs in Saudi Arabia.
  • Acting for ADES on its acquisition of Vantage fleet of offshore rigs in Qatar.
     
  • Advised ADES on its acquisition of “Maersk Convincer”.

Morgan, Lewis & Bockius UK LLP

Headed by Sidanth Rajagopal, following his arrival in October 2022 from K&L Gates LLP, the nascent aviation finance group at Morgan, Lewis & Bockius UK LLP provides ‘commercial, practical and astute’ advice to airlines and leasing companies across a range of cross-border financings. Rajagopal, whose ‘grasp of the industry is second to none’, has a balanced perspective of the market, and since joining the firm has worked closely with its Dubai office for fly dubai on numerous sale and leaseback mandates.

Practice head(s):

Sidanth Rajagopal


Other key lawyers:

Mauela Krach; Atif Ayub


Testimonials

‘The team is commercial, practical and astute and is able to solve even the most complex questions with ease and without over charging clients.’

‘Sidanth Rajagopal’s grasp of the industry is second to none and his ability to get everyone to see his point of view without upsetting the apple cart is his superpower.’

 

Key clients

ACIA Aero Leasing (Ireland) Limited


Dubai Aviation Corporation (t/a flydubai)


Kayan Aircraft Holdings


Spicejet Limited


Veling


Emirates


JLPS Ireland Limited


Pulsar Aero


Empire Aviation


Al Sharqiya Aviation


Work highlights


  • Advised ACIA as borrower on their new revolving facility with Investec secured by a pool of assets in various jurisdictions to support the continued growth of ACIA‘s portfolio.
  • Advised Dubai Aviation Corporation on the sale and leaseback of seven Boeing 737 MAX8 aircraft.

O'Melveny

Although O'Melveny only currently has a small core aviation finance offering in London, the team ‘delivers at the levels expected from Magic Circle and other large commercial practices’, partially due to its ability to leverage the firm’s broader corporate, finance and tax competences, as well as its US footprint. ‘Outstanding’ counsel Patrick Brophy, who regularly works alongside the New York office, ‘is particularly in tune with the specific requirements of leasing companies’, having recently worked as an in-house counsel at ORIX Aviation.

Practice head(s):

Jason Kaplan (New York)


Other key lawyers:

Patrick Brophy


Testimonials

‘The team, while small in size, delivers at the levels expected from Magic Circle and other large commercial practices.’

They are practical and commercially minded.’

‘Patrick Brophy is an excellent lawyer. He is very customer-focused and practical in his approach. He understands the needs of clients and provides practical business-oriented advice.’

Key clients

Jackson Square Aviation


ORIX Aviation


Aviation Capital Group


UMB Bank


Citibank


National Westminster Bank


CaixaBank


Hyundai Motor Company


Morgan Stanley


Work highlights


  • Advised National Westminster Bank, as lender, in connection with a debt facility with United Airlines for the financing of six new B737 Max aircraft from Boeing.
  • Advised ORIX Aviation, as seller, in connection with various on lease and off lease aircraft portfolio sales.
  • Advised UMB Bank, as trustee and security trustee, in connection with the AASET 2022-1 asset-backed securitisation sponsored and serviced by Carlyle Aviation, with the acquisition of a portfolio of 25 aircraft on lease, or expected to be on lease, to 12 lessees in 11 jurisdictions.

Wikborg Rein

Wikborg Rein‘s London-based team is appreciated for its ability to provide ‘perfect legal guidance through complex transactions’ on both commercial and offshore shipping mandates.  Although its principal function is to support its lender and borrower client base on English law security issues pursuant to Norwegian-led mandates, the team also does handle some standalone work, particularly for alternative lenders providing finance on smaller-to-mid ticket deals. Practice head Jonathan Page is a ‘remarkable and impressive’ partner, who is appreciated for his ability and willingness to ‘go the extra mile’ to deliver for clients. Beatrice Russ joined the team from Ince & Co in September 2023.

Practice head(s):

Jonathan Page


Other key lawyers:

Beatrice Russ


Testimonials

‘The team provides perfect legal guidance through complex transactions, and displays huge flexibility in providing solutions to clients.’

‘Jonathan Page is very approachable, experienced and understanding to the concerns raised by the client. A remarkable and impressive partner who is always available to hear us out and run the last mile to deliver.’

Key clients

Nordea Bank Abp, filial I Norge


Commerzbank


AVIC International Leasing Co., Ltd


Bank of America Europe Designated Activity Company


Credit Suisse Ag


CMB Financial Leasing


ICBC Financial Leasing


SMBC Bank International Plc


Credit Agricole Corporate and Investment Bank


Pearl Bidco AS


Work highlights


  • Advising Nordea Bank Abp, filial i Norge in connection with a senior secured facilities agreement in relation to the ongoing DOF Subsea AS (and generally the group’s larger) restructuring.
  • Advising Avic International Leasing Co., Ltd with regards to the termination of x4 leases (in relation to x4 oil tanker sale and leaseback transactions) for the purpose of refinancing the vessels.
  • Advising Bank of America in connection with a senior secured credit facility agreement for the financing of the construction and purchase of a 5,500 TEU container vessel.

Winston & Strawn LLP

The departure in July 2023 of former team head Mark Moody  and a number of associates to White & Case LLP has dented Winston & Strawn LLP's credentials in the aviation finance field. Associate Eliana Torrado Franco  remains; she has a considerable amount of cross-border financing and leasing expertise.

Other key lawyers:

Eliana Torrado Franco


Work highlights


  • Represented the European Export Credit Agencies on the long-term restructuring of the financing of their entire fleet of aircraft with LATAM Airlines Group S.A.
  • Represented CIAF Leasing on the financing and leasing of three Embraer E190-00-LR aircraft, leased to EgyptAir and subleased to Air Cairo.
  • Represented Aviation Capital Group, as servicer of the MACH 1 securitisation portfolio – a high complex asset-backed securitisation financing structure involving numerous aircraft, in connection with an engine exchange transaction with Rolls-Royce & Partners Financing involving several aircraft engines.