On 28 April 2017, the first three new Airbus A320-214 aircraft were successfully delivered respectively at the Airbus Blagnac Delivery Center, France and Hamburg Delivery Center, Germany. The transaction marked the first aircraft financing project for a financial institution in Henan province. The project was also an important part of CDB’s effort to support the Russian aviation industry and local leasing companies "going global", promote the "Belt and Road" infrastructure initiative and deepen regional economic cooperation.
LP Law Firm acted as Russian counsel of the CDB Henan branch and provided a wide range of legal services. The project work included reviewing financing and leasing documentation from Russian law perspective, preparing Russian security documents (Deregistration power of attorney (DPoA) and Irrevocable deregistration and export request authorization (IDERA)), conducting legal due diligence in respect of the lessee, confirming Russian law related condition precedents, and issuing relevant legal opinions.
LP Law Firm team was led by partner and the Head of Foreign Investments practice Vadim Konyushkevich with support from associates Kirill Rubashevskiy, Gleb Bazurin and Aleksandra Braterskaya.
Vadim Konyushkevich commented on the deal: "This project shows growing interest and trust of Chinese major financial institutions in Russian aviation industry. Moreover, it is a noteworthy evidence of successful implementation and development of “Belt and Road” initiative. We were honored to work closely with King & Wood Mallesons for the benefit of Henan branch of our longstanding client – China Development Bank. Due to its size and cross-border nature, the project is very challenging, and we are happy to contribute to it sharing our expertise in legal support of such financing transactions and in advising Chinese business in Russia.”