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General counsel update: 31 May 2012
  • Herbert Smith Freehills LLP
  • Hong Kong, Singapore, Spain, United Kingdom, Argentina, China, European Union
  • May 31 2012

This is the twenty-ninth in our series of General Counsel Updates which aim to summarise major developments in key areas


Aircraft leasing update: second circuit gives liftoff to billions in unsecured tax indemnity claims
  • Jones Day
  • USA
  • April 13 2011

When an airline goes bankrupt, do the owner participants in aircraft leverage-lease transactions have a right to recover on monetary claims (worth billions) based on tax indemnification agreements ("TIAs")? The answer lies in the meaning of the words "paypaidpays," which had been the subject of conflicting interpretations in the bankruptcy and district courts in the Northwest Airlines and Delta Air Lines bankruptcy cases


Bankruptcy Court grounds American Airlines noteholders’ make-whole claim
  • Bracewell LLP
  • USA
  • January 22 2013

Last week the United States Bankruptcy Court for the Southern District of New York approved debtor-American Airlines' motion to enter into a secured


Dispute over American Airlines CEO’s $20 million severance may be coming in for a landing
  • Zuckerman Spaeder LLP
  • USA
  • June 3 2013

You might think that a company in bankruptcy wouldn't be able to give its CEO a multi-million-dollar severance payment. But just because a company


Supreme Court decides Olympic Airlines case and the meaning of establishment for European regulation on insolvency
  • Clifford Chance LLP
  • European Union
  • May 12 2015

On 29 April the English Supreme Court declined an appeal by The Trustees of a pension scheme in relation to Olympic Airlines SA, the former


Helicopters, UK Cape Town ratification and English insolvency law - best leave well alone?
  • Dentons
  • United Kingdom
  • February 16 2015

The UK is to ratify the Cape Town Convention and its Aircraft Protocol (together, Cape Town). This may help UK aircraft operators access cheaper


Restructuring over liquidation
  • Prager Dreifuss
  • Switzerland
  • June 1 2015

The collapse in 2001 of Switzerland’s national airline Swissair, until then regarded as a symbol of the country’s reliability and efficiency, sparked


UK ratification of the Cape Town Convention
  • White & Case LLP
  • United Kingdom
  • September 24 2015

It cannot have escaped the attention of anyone involved in the aviation finance industry that the UK is currently in the process of ratifying the Cape


Supreme Court decides Olympic Airlines did not have an establishment in the UK
  • Taylor Wessing
  • United Kingdom
  • May 6 2015

An "establishment" requires business and business activity to be carried out involving dealings with third parties and not simply acts of internal


Supreme Court guidance on the meaning of “establishment” in council regulation EC 13462000 on insolvency proceedings (“Insolvency Regulation”)
  • Mayer Brown LLP
  • European Union
  • April 30 2015

The Supreme Court (unanimously dismissing the appeal in Trustees of Olympic Airlines SA Pension & Life Assurance Scheme v Olympic Airlines SA) has