Aviation team advises on multiple Airfinance Journal Awards

Global Press release - Recognition June 2021

Global law firm Norton Rose Fulbright has advised on four of the transactions that won ‘Deal of the Year’ at the annual Airfinance Journal Awards.

Airfinance Journal is a leading publication covering the global aircraft finance market, and the awards celebrate best-in-class aviation finance deals.

Duncan Batchelor, global head of aviation, commented:

“The last 16 months have challenged the aviation industry. The pandemic has forced airlines to implement significant measures to protect their businesses which have necessitated important and innovative aviation finance transactions. These have included airline restructurings, large sale and leasebacks and export credit agency backed financings. We are glad to have been able to help our clients make some of these deals happen. We are also glad to have contributed to other non-pandemic award winning deals like the WEST V ABS transaction. Being involved in such deals is a great testament to the depth and breadth of work on which we advise our clients.”

The winning transactions are:

ABS Deal of the Year – WEST V ABS transaction

Advised longstanding client Willis Lease Finance Corporation on an ABS transaction involving the issuance of bonds secured by approximately 55 leased aircraft engines and three leased aircraft. This is one of the few securitizations of aircraft engines which have occurred and follows another “first of” engine securitization on which the firm advised the client. Led by Jim Tussing and Patrick Dolan.

Africa deal of the year – TAAG Angola Airlines
Advised TAAG on the financing of six new delivery aircraft, with support from African Export-Import Bank. Led by Eleanor Martin.

Tax Lease Deal of the Year – Pegasus Airlines JOLCO
Advised Bank of China Limited on the ACG insured financing combined with JOLCO of two A321 Neo aircraft to be delivered to Pegasus. Led by George Paterson.

Europe Deal of the Year – Virgin Atlantic Airways Recapitalization plan
Advised Delta Airlines on the solvent recapitalisation of Virgin Atlantic, which involved the first use of the new restructuring plan procedure under Part 26A of the UK’s Companies Act 2006, introduced in 2020 to help viable businesses survive the expected financial consequences of the pandemic. This matter also won “Restructuring Deal of the Year” at IFLR Europe Awards 2021. Led by Chris Randall and Mark Craggs.

Norton Rose Fulbright’s aviation practice holds 11 tier 1 rankings across the leading legal directories, Chambers and Legal 500.

For further information please contact:

Kate Farrell, Public Relations Manager

Tel: +44 207 444 3724  Cell: +44 75 1532 4290


Global Co-Head of Transport
Global Head of Banking and Finance; Head of Paris