Leveraging resources across its vast international network, as well being able to access market-leading broader capital markets, restructuring and tax offerings, A&O Shearman 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.
Transport finance and leasing in London
A&O Shearman
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.’
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
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 Benson ‘delivers 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.’
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 Briggs ‘displays 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.
Ernst & Young LLP
Led by Alan Cunningham, Ernst & Young 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.’
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.