Presentation toAerospace 2006: Aviation and the Law - (PPT)

摘要

Many US airlines have been forced in recent years to restructure using the protection of Chapter 11 of the US Bankruptcy Code. This has been perceived by many competitors as providing an unfair advantage to US carriers resorting to it, as it allows the carriers to offload and/or remove entirely certain liabilities (such as pension obligations) which are rendering them either uncompetitive or effectively insolvent. Some airlines have continued trading under Chapter 11 protection for substantial periods of time before managing to convince the courts and creditors (reluctantly in some cases) that they have a viable plan for continued operation outside Chapter 11. Is Chapter 11 fair? The former BA CEO had some forthright thoughts on the subject! Being a humble lawyer I will leave you to draw your own conclusions. As an interesting side issue aircraft finance creditors do have some very useful protection under Section 1110 of the US Bankruptcy Code and the terms of S1110 have been replicated in part in one of the provisions of the Cape Town Convention. So Chapter 11 is not all bad.