Norton Rose Fulbright advises on winning deals at Airfinance Journal Awards

Global law firm Norton Rose Fulbright’s aviation team has been recognised for advising on multiple winning deals at this year’s Airfinance Journal Awards. 

Airfinance Journal is a leading publication covering the global aircraft finance market. The annual Awards celebrate best-in-class aviation finance deals, while recognising the organisations and teams that played central roles.

Duncan Batchelor, global head of aviation at Norton Rose Fulbright, commented: “The aviation industry has faced significant challenges in recent times, with many airlines implementing substantial measures to protect their businesses. As global aviation rebuilds, it is important to take stock of what has been achieved across the industry. We are proud that so many of our partners in our different offices have been able to support our clients on these deals, and are honoured to continue our legacy of advising on landmark and innovative aviation finance transactions.”

The winning deals at the Airfinance Journal Awards included:  

• Asia-Pacific Deal of the Year – Philippine Airlines’ pre-negotiated Chapter 11 Cross-border restructuring
  Norton Rose Fulbright advised Philippine Airlines Inc. (PAL) as special aircraft counsel in its consensual restructuring, which was implemented in PAL's Chapter 11 plan. This is the first-ever pre-negotiated Chapter 11 restructuring by an airline. The team was led by partner Keith Sandilands.
  
  
• Environmental/ESG leadership Deal of the Year – Air France $111m A350-900 Balthazar-backed sustainability-linked senior secured loan
  The firm acted for Société Générale, the mandated lead arranger and lender, in negotiating and drafting the financing documentation. This was a landmark and innovative financing as it was the first sustainability-linked aircraft-secured term loan provided to an airline. The team was led by partner George Paterson.
  
  
• Europe Deal of the Year – Turkish Airlines US Ex-Im Bank French Lease for nine 737 Max and three GEnx engines 
  The firm advised BNP Paribas, Citibank, Bank of America, and Caixabank US EXIM Bank supported transaction involving a French optimised lease financing of nine 737 Max aircraft and three GEnx engines for Turkish Airlines. The team was led by partner George Paterson.
  
  
• Latin America Deal of the Year –  Avianca $482m sale and leaseback for 27 aircraft 
  Norton Rose Fulbright represented Castlelake in the sale and lease back of six A330 freight aircraft to Avianca. The team were involved in the documentation and negotiation of all transaction documents as well as the subsequent closings. Led by partner Alyssa Vazquez.
  
  
• Structured Lease Deal of the Year: Turkish Airlines Italian Lease combined with ACG guarantee for three A321neo aircraft  
  The firm acted for Société Générale in the financing of three A321neo aircraft for Turkish Airlines. This was an innovative structure which combined the ACG guarantee product with an Italian lease structure and was closed in a very short timeframe. The team was led by George Paterson.
  
  
• Tax Lease Deal of the Year: SAS JOLCO for one A350-900 aircraft 
  The firm advised SAS on the first insurance-backed aviation finance transaction by Piiq Risk Partners iFli division which involved the introduction of the new iFli insurance production to the Japanese Lease financing of one of SAS’s Airbus A350 aircraft. The team was led by partner Owen Mulholland.

Norton Rose Fulbright’s aviation practice holds 11 tier 1 rankings across the leading legal directories, Chambers and Legal 500, based on the feedback of our clients and peers.