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Asset Finance

Linklaters’ Asset Finance practice advises on a varied range of loan, lease and portfolio products, working with airlines, shipping and off-shore companies, lessors and financiers alike

Linklaters’ Asset Finance practice advises on a varied range of loan, lease and portfolio products, working with airlines, shipping and off-shore companies, lessors and financiers alike. Our broad and deep sector experience, coupled with Linklaters’ market-leading expertise in a number of complementary product areas, enables us to deliver for our clients some of the most complex bank lending, corporate, capital markets, investment management and restructuring and insolvency transactions in the Aviation and Maritime sectors.

In Aviation, we advise banks, lessors and airlines on a range of commercial aviation transactions, from senior and mezzanine loan financings, sale and lease-backs and jurisdiction-specific leasing products, to complex loan and aircraft portfolio sales and acquisitions, transactions involving the establishment of joint ventures and other aviation platforms, and corporate investments, acquisitions and reorganisations. In light of the disruptive impact of the Covid-19 pandemic on the aviation sector, most recently we have advised on a number of state aid and recapitalisation, liquidity raising and restructuring and insolvency transactions in the sector. In addition to our commercial aviation practice, we have a market-leading practice in business aviation, including sales and purchases, financing and disputes relating to private aircraft.

In the Maritime sectors, we advise banks, shipping lines, participants in the off-shore energy markets, LNG operators and investors on a range of financing, acquisition and investment transactions. We advised on several of the market-leading maritime company mergers and acquisitions, and have a leading European practice in advising on sales and purchases of shipping loan portfolios, shipping bank restructurings and acquisition financings in respect of shipping portfolios. We regularly work with Linklaters’ project finance specialists on financings and acquisitions of vessels in the context of energy projects, and with the firm’s restructuring and insolvency team on distressed situations in the maritime sectors.

Our experience

  • MUFG Bank: advising the bank on its US$6.3bn acquisition of the aviation finance business of DVB Bank SE
  • Nordic Aviation Capital: advising certain unsecured creditors on the financial restructuring of Nordic Aviation Capital, effected by way of an Irish scheme of arrangement
  • Cathay Pacific: advising the airline on the HK$39bn Covid-19 recapitalisation package, including share issues and a secured aircraft financing
  • CALC: advising China Aircraft Leasing Group Holdings Limited on the establishment of an aircraft leasing platform, including equity, mezzanine loan and senior loan funding, acquisitions and disposals of aircraft by the leasing platform, and several structural amendments
  • IAG: advising the sponsors and underwriters on the €2.75bn 3 for 2 rights issue of International Consolidated Airlines Group S.A, listed on the Spanish and London Stock Exchanges.
  • KLM: advising the Dutch government on the Covid 19 driven financial assistance package for KLM
  • VistaJet and VistaGlobal Group: advising VistaJet, the business airline, on a number of matters, including pre- and post-delivery aircraft financings, a bond issuance and a complex intragroup reorganisation; as well as various corporate matters for VistaJet and VistaGroup
  • LCI: advising NatWest Bank PLC as arranger on the financing of five helicopters for LCI
  • Business aviation: advising a market-leading private wealth bank on the separate financings of over 120 business jets, including several enforcements and disputes across more than 30 different jurisdictions

Our Maritime experience

  • Citibank: advising the bank on the financing the acquisition of a portion of the Hamburg Commercial Bank (formerly HSH Nordbank) shipping loan portfolio
  • Hapag-Lloyd AG: advising the container shipping company on several Japanese operating lease (JOLCO) financing of container vessels, including innovative features
  • Deutsche Bank: advising the bank on its financing of the acquisition of a NordLB shipping loan portfolio
  • Green shipping: advising The European Investment Bank on developing an innovative financing product aimed at promoting “green” shipping assets and advising on the first two transactions under this product, with each of Société Générale, ING and ABN AMRO
  • Yamal LNG: advising financiers on the Yamal LNG project, including in relation to the chartering of an FSU for the project
  • Container leasing: a leading container operator on a Japanese operating lease (JOLCO) financing of a fleet of refrigerated (reefer) containers
  • CGG SA: advising the seismic company, on the financial restructuring of its maritime operations by way of an innovative joint venture structure for a fleet of seven seismic vessels
  • HSH Portfolio Management: advising the financial institution in relation to its acquisition of a significant portion of HSH Nordbank’s non-performing shipping loans
  • CA-CIB: advising Credit Agricole (CACIB) on the Chapter 11 bankruptcy of Toisa Limited and certain of its affiliates
  • Zim: advising the senior secured lenders on the complex financial restructuring of Zim, the Israeli container shipping group
  • CSAV: advising the Chilean container shipping company on its business combination with Hapag-Lloyd AG, including the restructuring of all of is fleet financings
Key Contacts
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