Global Restructuring Review published an article by KK&P on peculiarities of aircraft leasing and airline insolvency under Russian law

The authors – Nikolay Pokryshkin, KK&P partner and head of insolvency practice, Dmitry Vlasov, senior associate, and Anastasiya Shkvarova, associate, – consider specifics of aircraft leasing and airline insolvency in Russia (a case-study based on the Transaero bankruptcy case), the issues covered range from a characterisation and complex assessment of claims arising out of lease agreements, including those governed under English law, to how Russian courts have interpreted relevant contractual provisions and dealt with English law.

In the Transaero bankruptcy case, KK&P advised Gazpromneft-Aero in relation to challenges of multi-billion claims brought by other creditors-financiers based on dozens of English law-governed lease and other related agreements.  The firm has organised and managed the work of leading English and Russian law experts, assessed all of the creditors’ claims (including in the context of close-out netting obligations), as well as arranged for valuation of the Transaero’s aircrafts.  The competing creditors represented 4 major Russian banking groups with the total claims exceeding US$1.5 bln.

Read the full article in Global Restructuring Review (GRR): (subscription-based access)