Transportation

Vedder Price’s aviation finance lawyers form the core of the Global Transportation Finance team and have achieved global recognition and prominence, with a broad base of clients and experience.

You can expect a team of attorneys who are internationally recognized for legal acumen, aviation industry knowledge, practical approaches and responsive service.

Substantial aviation credentials. We represent participants in all aspects of aviation finance, including:

• Export credit agencies
• Multinational banks and other financial institutions
• International aircraft operating lessors
• Investors, including private equity and hedge funds
• Manufacturers
• Some of the world's largest airlines

Extensive commercial aviation finance experience. Commercial aviation finance is the centerpiece of our aviation finance practice. Our attorneys represent lessors, lenders, airlines, buyers and sellers in a broad variety of transactions.

We assist clients with:

• Government-supported financings
• Public and private securitizations
• Single-investor operating leases
• Secured loans
• Leveraged leases
• Cross-border leases and back-leveraged operating leases
• Warehouse loan facilities
• Progress payment facilities
• Residual value guaranties
• Purchases and sales of single aircraft and multi-aircraft portfolios
• Purchases, sales and financings of aviation equipment, such as simulators
• Joint ventures
• Workouts and restructurings

We also work with airlines and lessors on long-term agreements, such as purchase agreements with major manufacturers, and on technical agreements such as storage, general maintenance and freighter conversion contracts.

Our attorneys can assist with transactions as straightforward as parts sales and as complex as multitranched debt facilities involving private and public funding with third-party credit support and interest rate and currency derivatives.

Government-supported financing. We have considerable experience with export credit financing of aircraft and with export credit agencies (ECAs), including the Export-Import Bank of the United States and Export Development Canada.

We represent ECAs on an array of aircraft financings involving aircraft exported to airlines in jurisdictions throughout the world—applying innovative financing structures such as finance leases, tax-motivated leveraged leases, SOARS, mortgages, commercial-paper conduits, progress payment facilities and joint-ECA structures.

Portfolio and company acquisitions. Recent years have seen an increase in divestitures and acquisitions of large aircraft portfolios, including complete finance divisions and whole companies. Our traditional aviation finance experience, combined with strengths in mergers and acquisitions, securities and equity fund creation, allows us to be a significant participant in these large-scale transactions.

Our attorneys represent buyers and sellers in many of the largest transactions, in addition to subsequent refinancings and securitizations. Our clients include traditional market participants such as banks and leasing companies, as well as nontraditional participants such as hedge funds and private equity firms.

Operating leases. Our attorneys structure operating leases with lessees around the world. We handle delivery and return processes and are well versed in registration and perfection issues worldwide.

With significant legal and regulatory experience in the aviation and aerospace fields, Vedder Price can help you navigate matters in one of the most heavily regulated industries in the world.

You can expect both deep practical experience and broad aviation and aerospace industry perspectives—insight that enables you to address regulatory needs efficiently and effectively.

Substantial industry credentials and access. We work with clients from all segments of the aviation industry, including aerospace companies, airports and governments, air carriers and charter operators.

Our attorneys represent clients before the U.S. Department of Transportation, the U.S. Department of Justice, the Federal Aviation Administration, the Transportation Security Administration, the Department of Homeland Security, the National Transportation Safety Board, the Department of State and the Department of Commerce. Centered in Washington, DC, our practice has convenient access to these regulatory agencies.

Experience across a broad array of aviation and aerospace regulatory matters. Our attorneys provide legal advice and services for these and other matters:

• Accident investigations
• Administrative adjudication
• Aircraft certification and transactions
• Airline safety
• Air service negotiations
• Certification (TC, PC, STC, PMA, TSUA, etc.)
• Customs and tax matters
• Employment matters
• Enforcement
• Export controls/licensing
• Hazardous-material shipments
• Immigration
• Legislation
• Licensing
• Mergers and acquisitions
• Rulemakings

With one of the largest and most experienced Business Aircraft Finance practices in the world, Vedder Price is able to provide counsel in all aspects of business aircraft financing transactions, particularly large jet aircraft but also small jets, turboprop aircraft and helicopters.

You can expect to work with attorneys who are recognized for their legal acumen and business aircraft industry knowledge and who are also able to leverage the full resources of Vedder Price to provide sophisticated regulatory, operational, tax and other practical guidance and assistance, including synchronizing these considerations with finance and leasing transactions.

Broad client base. Attorneys within the Business Aircraft Finance group represent bank-affiliated and large independent aircraft financing providers in all aspects of business aircraft financing transactions. Our clients also include lessees, borrowers and other financing customers, including many of the largest publicly and privately held domestic and foreign companies and many high-net-worth individuals around the world.

In-depth experience. Our broad-ranging, extensive and varied experience includes both typical and exotic deal structures—ranging from true/tax leases, off-balance-sheet financings and sale-leasebacks to financings involving international treaties and local law issues to a variety of third-party arrangements and fractional-share and pay-card programs.

In addition, our clients rely on us for experienced counsel and support for:

• New financing products
• Regulatory or other changes
• Policy making
• Amendments, assumptions, restructurings, workouts, bankruptcy and enforcement matters
• Syndication transactions
• Industry advocacy on various aircraft finance matters

Vedder Price provides a full range of support for clients involved in business aviation.

You can expect to work with experienced attorneys who have a deep and comprehensive understanding of all aspects of the complex area business aviation, enabling us to provide responsive, efficient and effective services.

Broad and substantial business aviation experience. We have extensive experience in virtually every facet of business aviation, including hands-on operational and regulatory experience—collectively, we have a level of experience that sets us apart from peers.

We assist clients with:

• Aircraft ownership and operating structures
• Fractional ownership and leasehold interests
• Aircraft purchase and sale negotiations and documentation 
• Leasing and finance arrangements
• Domestic and international aircraft registration matters
• Federal taxation of aircraft use and ownership
• State sales and use taxes
• FAA, DOT and TSA regulatory matters

Our attorneys also assist clients with agreements relating to:

• Personal use, executive compensation, and related IRS and SEC matters
• Aircraft management
• FAR Part 91 and FAR Part 135 dry leases, time sharing,  inter-change and joint use agreements
• Aircraft maintenance and refurbishment
• Engine and airframe support and maintenance overhauls
• Pilot services
• Hangar leases
• Aircraft parts and ground support equipment

Vedder Price has extensive experience in a wide variety of domestic and cross-border leasing and debt financing transactions involving locomotives and rolling stock.

You can expect to work with attorneys who are well versed in all the issues related to railcar leasing as well as the complex documentation involved in structured railcar financings, including liquidity facilities, servicing agreements, offering memoranda, car marks, company trust agreements, and lease and loan documentation.

Broad credentials in representing the parties to railcar lease and finance transactions. Our attorneys represent all participants, including borrowers, lenders, lessors, lessees, equity investors, servicers and manufacturers, in every aspect of railcar lease and finance transactions. We routinely represent private-placement syndicates and export credit agencies in connection with the financing of locomotives and rolling stock owned and operated by a number of railroads.

Types of transactions. We can provide counsel in all manner of railcar transactions, including:

• Warehouse loan facilities
• Securitizations
• Portfolio sales and acquisitions
• Operating leases—both full service and net lease
• Back-leveraged operating leases
• Leveraged leases
• Capital leases
• Synthetic leases
• Debt financings
• Joint ventures
• Workouts and restructurings

We have structured and documented single-investor railcar warehouse loan facilities and on- and off-balance-sheet financings, including leveraged leases with public and private-placement debt, as well as bankruptcy remote syndicated railcar warehouse loan facilities and securitizations. We have experience in workouts and restructurings related to bankruptcy filings and the exercise of remedies against rail collateral.

Vedder Price represents lessors, lenders and lessees in a variety of transactions involving leasing and financing of maritime assets, as well as an array of other matters involving maritime assets and interests—from ship registration to insurance to litigation and disputes.

You can expect attorneys with deep legal knowledge related to and experience with U.S. maritime and admiralty finance who provide prompt, practical and trusted counsel.

Experience across a broad array of transactions. Our attorneys represent lessors, lenders and lessees in a variety of transactions involving the leasing and financing of assets, including:

• Container ships
• Bulk carriers
• Oil and product tankers
• OBOs
• General cargo vessels
• Cruise ships and ferries
• Tugs and barges
• LNG carriers
• Rigs
• Specialty and offshore vessels
• Chassis and intermodal containers
• Ports and marine terminals and related cargo-handling equipment
• Vessel navigation simulators

We can assist with a full range of maritime finance, litigation and other needs:

Maritime law advisory. We provide advice and counsel related to charter parties; ship management and pooling agreements; marine service and transportation contracts, including container lease agreements and stevedore and marine terminal contracts; and marine insurance forms.

Maritime dispute resolution. We represent clients in complex and multidistrict maritime litigation in federal and state trial and appellate courts throughout the United States. Our attorneys regularly appear in U.S. and international arbitrations involving AAA, SMA, ICC and UNCTAD rules and have experience that includes charter party, marine terminal construction and shipbuilding disputes, cargo claims, and vessel arrests and maritime attachments in the United States and abroad.

Marine asset and ship finance. We represent lenders, agents and trustees in multilateral and bilateral asset-based loans secured by ship values, charter parties and the like. Our experience includes ship and fleet mortgage finance structures in the United States and multiple offshore jurisdictions.

Yacht finance. We represent lenders and high-net-worth individuals in connection with the construction, purchase, sale, entry and financing of luxury yachts in the United States or registered under various flags of convenience, as well as for lenders in connection with the foreclosure of preferred mortgage liens against yachts.

Alternative marine finance. Our attorneys can assist with securitization of intermodal containers and other marine assets, as well as private equity investments in shipping assets.

Port and marine terminal projects. We have deep experience supporting financing of civil-works projects and acquisition financing of gantry cranes and other cargo-handling equipment.

Foreclosures. Our attorneys represent clients related to the arrest and sale of vessels to foreclose mortgage liens and maritime liens in jurisdictions throughout the world.

Maritime bankruptcies, insolvencies and restructurings. We provide prebankruptcy strategic planning for lenders, lessors and ship owners; out-of-court debt restructuring and workouts of financings involving leveraged marine assets; negotiation of debtor-in-possession financing; and representation of lenders, lessors, secured parties and distressed-debt investors in reorganizations, liquidations and cross-border cases involving vessels and other maritime assets.

Shipbuilding. We represent owners and lenders in connection with construction, acquisition and takeout financing solutions for ship construction projects, including ECA financings.

Marine insurance and reinsurance. We represent insurers and reinsurers as well as insured parties with respect to a full range of maritime assets. Our attorneys provide support for development of insurance programs and policies, coverage opinions and related risk management services, as well as liability insurance for maritime company officers and executives.