BarbriSFCourseDetails
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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Commercial Law

Date & Time
  • event Date

    Wednesday, November 20, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$297.00
CLE
ALL

This CLE webinar will provide attorneys and bankers dealing with defaulted loans secured by aircraft, engines, or related components with legal and practical steps that should be taken to maximize the value and remarketability of the aircraft, and thus the creditor's recovery. The panel will discuss the foreclosure process and outline ways to overcome foreclosure obstacles. The panel will also review alternatives to foreclosures and self-help remedies.

Faculty

Juan Carlos Ferrer
Partner
Holland & Knight LLP

Mr. Ferrer is a partner in Holland & Knight's Miami office. He focuses his practice on commercial and private aviation matters, banking and finance, secured transactions, cross-border leasing and financing, general corporate matters, sales and acquisitions of capital equipment, and commercial and residential real estate. Mr. Ferrer actively represents lenders, lessors, airlines, aircraft manufacturers, publicly held and private companies, and high-net-worth individuals in connection with the purchase, sale and finance (including lease finance) of private and commercial aircraft. In addition, Mr. Ferrer has extensive experience in the banking, finance and real estate fields with substantial representation of financial institutions, publicly traded entities and wealthy individuals in syndicated credit facilities, mortgage and asset-based financing, corporate and other commercial financing, and commercial and residential real estate financing.

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Marc L. Antonecchia
Partner
Holland & Knight LLP

Mr. Antonecchia is a New York litigation attorney with a particular emphasis on aviation and commercial matters. He litigates and advises on a wide array of disputes involving lease and purchase agreements, creditors' rights, indemnification, partnerships, insurance brokers, guarantees and trusts. Mr. Antonecchia's practice in aviation-related matters includes representing domestic and foreign lessors, secured parties, airlines and lenders in contract disputes and repossessions involving airframes, engines and parts. He frequently counsels on the planning and exercise of enforcement rights pursuant to the Uniform Commercial Code and the Cape Town Convention on International Interests in Mobile Equipment. Mr. Antonecchia co-authored a U.S. Supreme Court amicus brief addressing liability protection to lessors and secured parties. His litigation experience includes preliminary injunctive relief, pretrial discovery, dispositive motion practice, civil jury trial, multidistrict litigation, and appellate briefing and argument.

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Description

Enforcing security interests in aircraft is complicated and requires significant pre-planning. Many of the necessary steps are more practical than legal, have long lead times, and require the assistance of third parties. While reviewing the transaction documents, sending any required notices, and conducting a comprehensive lien search on both the aircraft and its engines are all important, obtaining control over the collateral and all related documentation is critical.

Prudent lenders and their counsel will want to evaluate foreclosure, workouts, and other solutions to find the best alternative. The foreclosure process contains pitfalls and obstacles for creditors, but with careful planning, counsel can overcome these issues and minimize the risks. Other alternatives may achieve the same or possibly even better results.

Listen as our authoritative panel of specialists offers its perspective on enforcing security interests in aircraft, discusses how to avoid the practical and often unexpected difficulties that arise, and compares foreclosures, voluntary surrender in lieu of foreclosure, and other possible remedies after default.

Outline

  1. Overview of securing aircraft assets
    1. Types of aircraft assets for collateral
    2. Recording the security agreement with the FAA
    3. Recording the security agreement through Cape Town Convention
    4. Recording/filing a UCC-1 financing statement
  2. Key terms to include in security agreements and other pre-planning strategies
  3. Options after default
    1. Surrender
    2. Foreclosure
    3. Bankruptcy
  4. Locating the aircraft and repossession
    1. Foreign jurisdictions
    2. The Cape Town Convention
  5. Sale of the aircraft and deregistration
  6. Obstacles to overcome
    1. Notice
    2. Commercial reasonableness
    3. Successor liability
    4. Clear title

Benefits

The panel will review these and other important issues:

  • What type of due diligence on the front end of the loan can make for smoother foreclosure or repossession later on?
  • Why is it important to have an aircraft management company be a party to any security documents?
  • What are best practices for securing the aircraft prior to surrender?