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Stuart Kennedy is a "consummate professional".

European Legal 500

Expertise 

Stuart is a partner in the Finance and Capital Markets Department and advises on all aspects of aviation, shipping, rail and other asset financing, trading and leasing matters on a daily basis.  Stuart has gained considerable experience in advising on the structuring of aircraft purchase, sale, financing and leasing transactions and acts for a number of aircraft lessors, financiers and airlines in leveraged, syndicated and export credit agency backed financing facilities.  Stuart also has considerable experience in advising on structured finance, ABS (asset-backed securities) and repackaging transactions relating to all such asset classes including the establishment of special purpose companies funded by public and private issuances.

Stuart also regularly advises Irish airlines and leasing companies on airline licencing and registration issues with the Irish Aviation Authority and Commission for Aviation Regulation in addition to all aspects of the Cape Town Convention and Aircraft Protocol.

Stuart regularly presents to aircraft and aircraft engine lessors on all aspects of the Cape Town Convention and Aircraft Protocol and to company directors on their duties and responsibilities under Irish law.

Stuart is also a lecturer and tutor on the Law Society of Ireland’s Diploma in Aviation Leasing and Finance.

 

Experience Highlights
  • Advised on a US$ 349.1 million EETC (enhanced equipment trust certificate) transaction to finance 10 aircraft for an airline, which represented the first public EETC for that airline.
  • Advised on a US$1.21 billion asset-backed securitisation in connection with the acquisition of a portfolio of 48 aircraft with leases attached.
  • Advised an Irish aircraft lessor on its US$4 billion aircraft portfolio sale.
  • Advised one of Europe’s largest low-cost airlines on establishing long-haul operations by setting up a new Irish airline.
  • Acted as Irish counsel for an aircraft lessor on its US$120 million revolving pre-delivery payment facility to finance 20 Airbus A320-200 aircraft over a period of two years.
  • Advised an aircraft lessor on the export credit agency supported financing of a portfolio of Bombardier CRJ-1000 aircraft.
  • Advised on the export credit agency supported financing of Embraer ERJ 190-200 aircraft.
  • Advised on the Export–Import Bank of China supported financing of a portfolio of Airbus and Boeing aircraft by an Irish aircraft lessor.
  • Advised an Irish aircraft lessor on the acquisition of a large portfolio of Airbus and Boeing aircraft with leases attached.
  • Advised an Irish aircraft lessor on the consolidation of its various leasing platforms containing over 60 aircraft.
  • Regularly advises in relation to engine and equipment leasing.
  • Regularly acts as Cape Town counsel.
Accolades

Stuart Kennedy is recognised 
Airline Economics ‘40 under 40’ guide 2020

Stuart Kennedy is recommended.
European Legal 500 2020

Stuart Kennedy is named a next generation partner.
European Legal 500 2020

"Stuart Kennedy lets you know the pros and cons of all avenues, lets you be fully informed of all of the commercial realities and outcomes."
Banking and Finance: Chambers Global 2020

Stuart Kennedy is named ‘Highly Regarded’
IFLR1000 2020

Stuart Kennedy is named a next generation lawyer.
European Legal 500 2019

Stuart Kennedy is "incredibly diligent and highly responsive, he is a really safe pair of hands and we are thrilled".
Chambers Europe 2019

Stuart Kennedy is "responsive, knowledgeable, unflappable and extremely helpful." 
IFLR1000 2019

"Stuart Kennedy and Yvonne McWeeney each consistently show dedication and commitment. Their knowledge of the financial sector is evident in each transaction they work on, and their responsiveness and focus has ensured that deals are always closed in a timely manner."
Chambers Europe 2018

"Stuart Kennedy is incredibly diligent and very client-focused."
Chambers Europe 2018

Stuart Kennedy is a "consummate professional".
European Legal 500 2018

Stuart Kennedy is named a next generation lawyer.
European Legal 500 2018

Stuart Kennedy is named a Rising Star.
IFLR1000 2018

“Stuart is extremely professional and a pleasure to deal with. Stuart is calm under pressure and very accommodating. He is conscientious and very knowledgeable.”
IFLR1000 2018

Stuart Kennedy is named a next generation lawyer.
European Legal 500 2017

Stuart has been recognised as a “rising star” by Airfinance Journal in its 2013 Guide to Aviation Lawyers.

Education

University of Limerick, Bachelor of Arts in Law and Accounting

Admitted as a solicitor in Ireland 

Admitted as a solicitor in England and Wales (non-practising) 

Irish court approves rescue scheme for Irish-based aircraft lessor Nordic Aviation

Sep 28, 2020, 23:48 PM
The High Court recently in an ex tempore (unwritten) judgment (to be followed by a more detailed written judgment) approved a scheme of arrangement under Part 9 of the Companies Act 2014 in what may be a template for future restructurings in the aviation sector and a further example, following on from the Weatherford and Ballantyne cases, of the Irish courts’ willingness to facilitate large international restructurings.
Title : Irish court approves rescue scheme for Irish-based aircraft lessor Nordic Aviation
Filter services i ds : 18be7629-c807-4e2c-b999-08d523a905e9;
Engagement Time : 3
Insight Type : Article
Insight Date : Jul 29, 2020, 12:10 PM
The High Court recently in an ex tempore (unwritten) judgment (to be followed by a more detailed written judgment) approved a scheme of arrangement under Part 9 of the Companies Act 2014 in what may be a template for future restructurings in the aviation sector and a further example, following on from the Weatherford and Ballantyne cases, of the Irish courts’ willingness to facilitate large international restructurings.

The case concerned the Nordic Aviation group, the largest regional aircraft lessor and the fifth largest aircraft lessor globally.

A scheme of arrangement under Part 9 of the Companies Act 2014 is very similar to a scheme of arrangement under the law of England and Wales. It is a flexible restructuring tool, requiring the approval of at least 75% in value and a majority in number of affected classes of creditors and court sanction to be binding. A significant distinction between such scheme of arrangement and its counterpart in England and Wales is that the court may on application grant a moratorium with regard to creditor actions to facilitate approval of the scheme. This is a feature of examinership also, the more widely used restructuring process in Ireland, which also, perhaps confusingly, entails use of a scheme of arrangement.

Although ultimately unopposed, the judgment of the High Court clarified a number of matters, including the following.

It re-affirmed, following Ballantyne, the ability to affect third party liabilities. It went one step further than the court in Ballantyne in that the company which proposed the scheme was the guarantor of the relevant liabilities and the third parties were the principal creditors.

Following case-law in England and Wales, it confirmed that the order approving the scheme was a judgment enforceable under the Brussels Regulation.

It held that, because of the overwhelming creditor support the scheme received, it did not constitute a non-consensual restriction on an enforcement remedy for the purposes of Article XI of Alternative A of the Aircraft Protocol to the Capetown Convention.

Recognition of the order under chapter 15 of the US Bankruptcy Code has been entered by the New York Bankruptcy Court.

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