Vasil Kisil & Partners advises AWAS on aircraft sale and lease

Vasil Kisil & Partners has acted as a legal advisor to AWAS, one of the world’s largest aircraft lessors, on the aircraft sale and lease matters in connection with the execution of a large-scale agreement for sale of a portfolio of 30 aircraft totally worth over USD 260 mln that have been leased to 16 airlines in 14 countries worldwide to KAHALA, one of the biggest international companies engaged in acquiring, leasing and trading commercial aircraft and related equipment. The objective of the transaction was the refinancing and corporate restructuring of AWAS to enable the company to reinvest proceeds from sale to purchase new aircraft.

Vasil Kisil & Partners has advised AWAS, financing banks and other involved parties on all Ukrainian law matters of the transaction, including corporate and contractual structuring matters, aviation regulations, customs, tax, insurance, currency control, etc. Vasil Kisil & Partners’ lawyers have provided legal support in the applicability of the Cape Town Convention and international aircraft sale and lease practices in Ukraine. The firm’s lawyers have also assisted in the negotiation and execution of the novation agreement pertaining to the aircraft operating lease agreement between AWAS and one of the Ukrainian airlines.

Anna Sisetska, counsel with Vasil Kisil & Partners, who led the project, said: “The key objectives of this project were to ensure the continuing operation of the aircraft in course of the transaction by the Ukrainian aircraft operator and protect international interests of the aircraft owners and creditors in accordance with the Cape Town Convention, whose practical application still raises certain issues with the State Aviation Authority of Ukraine. We are glad to inform you that VKP’s team has effectively accomplished the client’s objectives.”

Vasil Kisil & Partners’ project team included Anna Sisetska, counsel, Roman Riabenko, associate, and Alexander Borodkin, partner.

AWAS is a global leader in commercial aircraft leasing that has been delivering innovative solutions for the financing and structuring of its portfolio of commercial aircraft leased to major airlines worldwide.