Freshfields to close aviation finance practice | News | Airfinance Journal

Freshfields to close aviation finance practice

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Freshfields Bruckhaus Deringer is due to close its London aviation practice next year, after the head of the practice Rob Murphy retires, market sources indicate.

One source says that Murphy will be stepping down in April and the practice close shortly thereafter.

A spokesperson for Freshfields tells Airfinance Journal: “Following the recent review and the repositioning of our finance practice, we have accepted that, while we are committed to the aviation sector internationally at the firm level, we will not have a specialist aviation finance practice in London as part of our core finance product offering. We expect to continue to support our clients in this sector across a range of issues.”

The firm previously tried to close its London asset finance department in 2009. Following the announcement, several of the partners left to join rival firms. It is understood that Murphy is the only remaining asset finance partner that was with the firm before that time.

Murphy’s team worked on the AerCap acquisition of ILFC, the Monarch restructuring and the EA Partners bond. More recently, the practice advised Avolon on its agreement to acquire the leasing business of CIT Group, CIT Aerospace, for $10 billion.

A partner at a rival law firm said: “They will have their strategic reasons but from the outside it does seem a bit short-sighted after so many years of being among the best in the business.”

 

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Related Data

Transaction Snapshot
Air Company | Bond issue | 01-24 | $1.5bn
Financial Close:
11/02/2024
SPV:
Some Aviation Trust
Value:
$1,500.00m USD
Full Details