5 August 2011
Clifford Chance advises on FLY Leasing’s purchase of 49 aircraft
Leading international law firm Clifford Chance has advised FLY Leasing Limited (FLY) on the purchase of a US$1.4 billion portfolio of 49 aircraft, leased to 23 airlines in 15 countries (including Europe and the Asia-Pacific region).
The aircraft were previously managed by Global Aviation Asset Management, an Australian company.
FLY is an Ireland-based company managed and serviced by BBAM L.P., one of the world's leading aircraft leasing companies with more than 25 years of experience. The transaction represents a significant acquisition for FLY, which on completion of the transaction, will have a portfolio of 109 aircraft.
The transaction is subject to lender consent as well as other customary closing conditions and is expected to be completed in the fourth quarter of 2011.
The Clifford Chance team involved lawyers in the United States and Australia, further underpinning the recent successful entry of Clifford Chance into the Australian legal market.
The US team was led by partners Brian Hoffmann and Zarrar Sehgal and included associates Kelley Brandstetter, Louis Sarok, Mina Hession, Kathleen Mon and Laura Capelin in New York.
The Australian team was led by partner Jason Mendens, senior associate Kane Barnett and associate Owen Thomas in Sydney.