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Registering an International Interest When Extending Lease Terms

Registering an International Interest When Extending Lease Terms
natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.

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Landmark decision on first airline debt restructuring scheme due to COVID-19

AirAsia X Berhad v BOC Aviation Limited (Originating Summons WA-24NCC-467-10/2020).
Summary
On 19 February 2021 Judicial Commissioner Ong Chee Kwan allowed AirAsia X (AAX) Berhad s application under Section 366 of the Companies Act 2016 for leave to convene creditors meetings to consider and approve an arrangement scheme. However, the judge disagreed with AAX s division of the scheme creditors into two classes:
Class A – secured creditors; and
Class B – unsecured creditors.
The judge agreed with the submissions from the counsel for Malaysia Airports and the counsel for the lessors and held that:
the lessors of lease agreements with AAX must be treated as unsecured creditors and placed in Class B; and ....

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Aviation finance in Russia and CIS countries - Opportunities in uncertain times | White & Case LLP

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Like the rest of the world, air passenger transport in the Russian Federation and other Commonwealth of Independent States (CIS) countries experienced a serious impact at the start of the COVID-19 pandemic. Yet air traffic appears to be recovering more rapidly in Russia and CIS nations than elsewhere. At the end of 2020, Russia had the majority of its aircraft fleets in service a higher percentage than any other European nation.
In November 2020, survey respondents based primarily in Russia and CIS nations confirmed this trend, with statements of strong confidence and expectations that local aviation markets will return to growth. ....

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Norwegian gives update on progress in settling with lessors

By Cirium2021-02-24T16:07:00+00:00
Norwegian continues to make progress in settling leases and other contracts with creditors under its Irish restructuring process, but faces opposition from some parties.
In an Irish High Court hearing on 23 February, Norwegian’s representative Brian Kennedy said that the creditors it was dealing with fell into five groups: those with whom Norwegian has agreed to withdraw its repudiation applications; those with agreements to which court orders apply; those with which the airline has nearly settled or is engaged in discussions to settle and withdraw in the coming days; those that Norwegian is proceeding against but that have not opposed or indicated opposition to the applications; and, “most significantly”, those “actively opposing” the application. ....

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Ambassador Kip Tom: Reducing Food Insecurity Vital In Terrorism Fight

Thursday, February 4, 2021 6:00 AM
Ambassador Kip Tom (Center, right) with World Food Program Executive Director David Beasley (Center, left) celebrating a food delivery to an IDP camp in South Sudan. Photo provided.
Ambassador Kip Tom (left) welcomes U.S. Secretary Of State Mike Pompeo to co-sign the MAC Protocol from the Cape Town Convention. Photo provided.
Ambassador Kip Tom (left) inspects the Casava crop at a farm in Zimbabwe. Photo provided.
Ambassador Kip Tom with a 10-year-old orphan in South Sudan at an IDP camp. Photo provided.
Ambassador Kip Tom speaking wiith World Food Program Executive Director David Beasley (recipient of the Nobel Peace Prize) on a flight from Juba, South Sudan, to Addis Abba, Ethiopia. Photo provided. ....

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