Enforcing Security Interests in Aircraft: Strategies and Practical Steps to Maximize Value and Remarketability
Recording of a 90-minute CLE video webinar with Q&A
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.
Outline
- Overview of securing aircraft assets
- Types of aircraft assets for collateral
- Recording the security agreement with the FAA
- Recording the security agreement through Cape Town Convention
- Recording/filing a UCC-1 financing statement
- Key terms to include in security agreements and other pre-planning strategies
- Options after default
- Surrender
- Foreclosure
- Bankruptcy
- Locating the aircraft and repossession
- Foreign jurisdictions
- The Cape Town Convention
- Sale of the aircraft and deregistration
- Obstacles to overcome
- Notice
- Commercial reasonableness
- Successor liability
- 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?
Faculty
Marc L. Antonecchia
Partner
Holland & Knight
Mr. Antonecchia is a New York litigation attorney with a particular emphasis on aviation and commercial matters.... | Read More
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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Juan Carlos Ferrer
Partner
Holland & Knight
Mr. Ferrer is a partner in Holland & Knight's Miami office. He focuses his practice on commercial and... | Read More
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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