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New York School of International Aviation Finance 2009

Date: 15 April 2009 - 17 April 2009
Venue: Roosevelt Hotel, New York, USA

Discussions:

  • 15/04/09 09:10 - Market overview: Riding the roller coaster

    • Greg Lee, Managing Director, Head of Transport and Infrastructure, Goldman Sachs Download
  • 15/04/09 09:40 - Reviewing financing options in the current environment

    • Greg Lee, Managing Director, Head of Transport and Infrastructure, Goldman Sachs Download
  • 15/04/09 14:00 - Aircraft secured debt markets review

    • Greg Lee, Managing Director, Head of Transport and Infrastructure, Goldman Sachs Download
  • 15/04/09 14:45 - Selling aircraft and engine assets

    • Christopher Chaput, Managing Director, Seabury Transportation Holdings Download
  • 16/04/09 08:00 - Operating leases: Explanation and update

    • Tom Zimmer, Partner, Holland & Knight LLP Download
  • 16/04/09 10:00 - Operating leases: Practical application

    • Tom Zimmer, Partner, Holland & Knight LLP Download
  • 16/04/09 11:10 - Credit issues for aviation finance: Regaining confidence

    • George Godlin, Vice President and Senior Analyst, Moody’s Investors Service Download
  • 16/04/09 11:50 - The effects of the Cape Town Convention on daily aircraft and engine finance

    • Cape Town - John Pritchard, Partner, Holland & Knight LLP Download
    • Cape Town 1 - John Pritchard, Partner, Holland & Knight LLP Download
    • Cape Town 2 - John Pritchard, Partner, Holland & Knight LLP Download
    • Cape Town 3 - John Pritchard, Partner, Holland & Knight LLP Download
  • 16/04/09 13:30 - Transaction structures, documentation and the principles of tax based-leasing

    • Richard A. Crowley, Tax Partner, Holland & Knight LLP Download
    • Charles Greenberg, Managing Director, Clinch River Capital Partners Download
    • John Pritchard, Partner, Holland & Knight LLP Download
  • 16/04/09 14:40 - Asset management, remarketing and valuations

    • Bob Agnew, President & CEO, Morten Beyer & Agnew Download
  • 17/04/09 09:45 - What happens when it all goes wrong?

    • Piels 1 - Bill Piels, Partner, Holland & Knight LLP Download
    • Piels 2 - Bill Piels, Partner, Holland & Knight LLP Download
    • Piels 3 - Bill Piels, Partner, Holland & Knight LLP Download
    • Piels 4 - Bill Piels, Partner, Holland & Knight LLP Download
    • Piels 5 - Bill Piels, Partner, Holland & Knight LLP Download
  • 17/04/09 12:15 - Insurance in aviation finance: A changing industry

    • Yelavich 1 - Paul Yelavich, Senior Vice President, Marsh Aviation Download
    • Yelavich 2 - Paul Yelavich, Senior Vice President, Marsh Aviation Download
    • Yelavich 3 - Paul Yelavich, Senior Vice President, Marsh Aviation Download
    • Yelavich 4 - Paul Yelavich, Senior Vice President, Marsh Aviation Download
  • 17/04/09 14:00 - Aircraft finance in developing markets: Focus on Brazil, China, India, Middle East and Africa

    • Aircraft finance in developing markets: Focus on Brazil, China, India, Middle East and Africa Download
  • 17/04/09 14:45 - Fuel hedging in the aviation industry: What goes up…

    • Robert J. Kokonis, Vice President, Supply Chain & Risk Management, BMB Fuel Consulting Services Download

Event agenda

New York School of International Aviation Finance 2009
15-17 April 2009, The Roosevelt Hotel, NY

DAY ONE: WEDNESDAY APRIL 15th, 2009

08.30
Registration and morning coffee

09.00
Introduction by course leaders

09.10
Market overview: Riding the roller coaster
·         Reviewing airline performance over the past year: Indicators and trends
·         Market consolidation and competition
·         Outlook for the year ahead: Market development predictions
·         Evaluating the most popular forms of liquidity in 2009/10
John Pritchard, Partner, Holland & Knight LLP
Greg Lee, Managing Director, Head of Transport and Infrastructure, Goldman Sachs

09:40
Reviewing financing options in the current environment
·         Overview of financing options: How will the economy affect financing availability?
·         Review of potential sources of finance and their related structures including:
      Debt • Equity • Securitization • EETCs • Export Credit • Manufacturer finance
·         Which taps can still be turned on?
·         How to be best placed to receive the limited finance available in a credit-starved marketplace
·         Strategies for selecting the best alternative for aircraft financing
Greg Lee, Managing Director, Head of Transport and Infrastructure, Goldman Sachs

10.40
Morning coffee and refreshments

11.10
Export credit finance: More crucial than ever?
·         The changing and increasing role of ECAs and the implications for financing options
·         How has ECA credit provision changed in the past twelve months?
·         How to get Ex-Im financing
·         Comparing Ex-Im and other ECA financing
·         Understanding the regulation and the politics
Robert Morin, Vice President, Transportation Division, Export-Import Bank of the United States

12.00
Alternative sources of liquidity
·         Assessing key relationships
·         Assessing unencumbered collateral and value-added contracts
·         Role of private equity, hedge funds, sovereign wealth funds
·         Liquidity program process
Christopher Chaput, Managing Director, Seabury Transportation Holdings

12.50
Lunch

14.00
Aircraft secured debt markets review
·         Reviewing the EETC Market
·         EETCs vs. other financing alternatives
·         Review of the aircraft and engine portfolio securitization market and structures
·         Other aircraft financing structures
·         What does the future hold for this area?
Greg Lee, Managing Director, Head of Transport and Infrastructure, Goldman Sachs

14.45
Selling aircraft and engine assets
·         How to sell parts at the right price
·         Where is the demand likely to come from?
·         What is a reasonable level of exposure to the aircraft sector?
·         Understanding what models go for what price
·         How to structure the right deal for all parties
Christopher Chaput, Managing Director, Seabury Transportation Holdings

15.30
Afternoon coffee and refreshments

16.00
Case study: Teams and explanations
Delegates will be divided into groups of varied professional backgrounds and will begin work on case studies. These are intended to provide a practical insight into the fundamentals of structuring an aircraft finance transaction, through the development of a financing proposal.

The first day’s training/lectures will provide the fundamental information required initially to outline the proposal and generate ideas. The Faculty will be available during these preliminary discussions to guide delegates and answer any questions.

18.00
Close of day one followed by evening drinks reception


DAY TWO: THURSDAY APRIL 16th, 2009

08.45
Morning coffee and refreshments

09.00
Operating leases: Explanation and update
·         Comparing operating leases with straight financing
·         Overview of typical terms
·         Basics of maintenance reserves
·         Basics of return conditions
·         New lessons for new times: Assessing the latest trends
David Thompson, President, Aurora Aviation Group, LLC
Tom Zimmer, Partner, Holland & Knight LLP

10:00
Operating leases: Practical application
David Thompson, President, Aurora Aviation Group, LLC
Tom Zimmer, Partner, Holland & Knight LLP

10.45
Morning coffee and refreshments

11.10
Credit issues for aviation finance: Regaining confidence
·         Airline industry risk characteristics and how this has changed over the past year
·         Judging an airline’s competitive position
·         Revenue generation and cost control
·         Analyzing profitability, cash flow, and the balance sheet
·         Credit risk in aircraft leasing and secured lending
·         Reviewing the rating agencies: What has changed?
·         How does aviation compare to other industries in the current economic climate?
George Godlin, Vice President and Senior Analyst, Moody’s Investors Service
Michael Mulvaney, Team Managing Director, Transportation, Moody’s Investors Service

11.50
The effects of the Cape Town Convention on daily aircraft and engine finance
·         When is the Cape Town Convention applicable to a sale, lease or financing of an aircraft or engine?
·         What should a creditor or contract party do to protect itself under the Convention?
·         What special terms should be contained in aircraft financing contracts due to the Convention?
·         Bankruptcy options and remedies
John Pritchard, Partner, Holland & Knight LLP

12.30
Lunch

13.30
Transaction structures, documentation and the principles of tax based-leasing
·         Internal Revenue Service ‘true lease’ guidelines
·         Issues regarding depreciation
·         Like-kind exchanges
·         Lessor analysis – yield optimization and return
·         Lessee analysis – present value benefit
·         Lease vs. buy analysis
·         What changes are likely under the new administration?
Richard A. Crowley, Tax Partner, Holland & Knight LLP
John Pritchard, Partner, Holland & Knight LLP
Chuck Greenberg, Principal, American Rail and Marine Corp

14.40
Asset management, remarketing and valuations
·         Assessment of exposure
·         Selection of a remarketing services provider
·         Ongoing management of exposure
·         Examining the appraisal process
·         Review of current trends in aircraft valuations
·         Hot picks and dud buys for 2009/10
Bob Agnew, President & CEO, Morten Beyer & Agnew

15.30
Afternoon coffee and refreshments

16.00
End of session and break for work on case studies
The remainder of the afternoon will be devoted to finishing work on the case studies in the teams decided the previous day.

The training and lectures on the second day will have provided additional information and insights to further develop answers for the case study problem. Members of the faculty will be on hand to assist.

18.00
Close of day two


DAY THREE: FRIDAY APRIL 17th, 2009

08.45
Morning coffee and refreshments

09.00
Case study evaluation

09.45
What happens when it all goes wrong?
·         Negotiations with creditors
·         Legal constraints
·         Rescheduling debt
·         Review of the relevant default and remedy provisions
·         U.S. bankruptcy law
·         The practicalities of enforcement
·         Constraints in different jurisdictions
·         The practicalities of repossession
Bill Piels, Partner, Holland & Knight LLP
Christopher Chaput, Managing Director, Seabury Transportation Holdings
Jim Rollins, Partner, Holland & Knight LLP

11.00
Morning coffee and refreshments

11.30
Restructuring in the airline industry
·         Key considerations and new strategies in a downturn
·         How do restructurings work?
·         Intricacies of airline restructuring
·         Are mergers really the right way for the airline industry
·         Looking at the alternatives
·         What are the cost savings that can be made and what are the pitfalls that will be faced?
Christopher Chaput, Managing Director, Seabury Transportation Holdings
John Pritchard, Partner, Holland & Knight LLP

12.15
Insurance in aviation finance: A changing industry
·         Evaluating the different products available
·         Devil in the detail: Walking through the small print
·         Assessing the credibility of different insurance products
·         Examining claims histories in past downturns
·         The policies most likely to be taken out in 2009/10

13.00
Lunch

14.00
Aircraft finance in developing markets: Focus on Brazil, China, India, Middle East and Africa
·         Common approaches to aircraft finance in developing markets
·         Regional features
·         Further developments
·         How will emerging market demand be affected by the credit crunch?
·         What new leasing and financing structures are likely to be seen?
Kostya Zolotusky, Managing Director, Capital Markets Development, Boeing Capital Corporation

14.45
Fuel hedging in the aviation industry: What goes up…
·         Exploration of standard hedging strategies and structures
·         Why certain structures have failed for airlines: What went wrong?
·         New hedging structures to survive in a volatile economic and fuel environment
·         Oil price predictions for 2009/10 and beyond

15.30
Close of school