Debevoise leads on newly merged American Airlines jet purchase deal
Debevoise & Plimpton and US firm Katten Muchin Rosenman are advising American Airlines on a deal with plane manufacturers Bombardier and Brazil's Embraer to buy 90 new regional jets.
December 16, 2013 at 08:15 AM
2 minute read
Debevoise & Plimpton and US firm Katten Muchin Rosenman are advising American Airlines on a deal with plane manufacturers Bombardier and Brazil's Embraer to buy 90 new regional jets.
American Airlines has placed orders for 30 Bombardier CRJ900 aircraft and 60 Embraer E175 aircraft, with the option to buy up to 130 more planes.
Financial terms of the deal were not disclosed however in a regulatory filing last Thursday, American Airlines Group said that including the new Embraer and Bombardier firm orders, it has committed $22.5 billion (£13.8bn) for new planes and engines.
Debevoise fielded a team led by corporate partners Geoffrey Burgess and John Curry, with tax partners Robert Staffaroni and Vadim Mahmoudov.
Bombardier used its in-house legal team while Embraer S.A. was advised by Katten Muchin led by corporate partners Tim Lynes and Tom Healey in Washington.
In February, US Airways and American Airlines parent company AMR merged, after AMR filed for bankruptcy in 2011.
The $11bn (£7.1bn) deal created the world's largest airline, operating under the American Airlines banner.
Latham & Watkins and Weil Gotshal & Manges were among a long list of US firms advising, with the combined airline set to offer more than 6,700 daily flights to 336 destinations in 56 countries.
In the same sector, Debevoise is also advising AIG on its agreement to sell its 100 percent interest in aircraft leasing business International Lease Finance Corporation to AerCap.
The Debevoise team is led by partners Andrew Bab and John Vasily. Cravath Swaine & Moore head of corporate Scott Barshay is acting for AerCap.
The deal consists of $3bn cash and AerCap shares, with a combined value of approximately $5.4bn (£3.3bn). The transaction, which is expected to close in the second quarter of 2014, marks the last major disposition of AIG's non-core assets.
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