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Stewart B. Herman

Partner
stewart.herman@kattenlaw.com
New York Office
p+1.212.940.8527
f+1.212.940.8776
Overview

Stewart Herman concentrates his practice in commercial- and business-aircraft transactions. He has extensive experience in structuring, drafting and negotiating leasing, sale and financing transactions for aircraft and other asset classes, including tax-based leveraged leases, cross-border leases, portfolio securitizations, pre-delivery payment financings, and bankruptcy and workout transactions. He has represented US and international leasing companies, commercial and investment banks, aircraft and engine manufacturers, US and foreign airlines, monoline insurance companies, and hedge funds.

Stewart frequently speaks at aviation conferences and writes for trade and legal publications. He previously served as a law clerk to the Honorable Murray C. Goldman, Philadelphia Court of Common Pleas.

Shown below is a selection of Stewart’s engagements.

Experience
  • Regular representation of one of the world’s leading aircraft leasing companies since its founding in a variety of transactions including portfolio acquisitions using debt and equity funds, portfolio dispositions, and operating leases.
  • Regular representation of a US fund as equity investor as its exclusive counsel in cross-border structured aircraft lease financings featuring senior and junior amortizing and nonamortizing bank debt and equity notes. Transactions include:
    • Sale-leaseback of four B777-200 aircraft to a major Asian airline.
    • Sale of E-Notes in structured financing of four Boeing B737-800 aircraft on lease to a major Asian airline.
    • Purchase and structured refinancing of one B777-300ER aircraft on lease to Air France.
    • Purchase and structured refinancing of two Airbus A330-300 aircraft on lease to Hong Kong Airlines.
    • Purchase and structured refinancing of two Airbus A330-300 aircraft on lease to a major Asian airline.
    • Purchase and structured refinancing of another two Airbus A330-300 aircraft on lease to a major Asian airline.
    • Purchase and structured refinancing of three Airbus A330-200 aircraft on lease to Turkish Airlines.
    • Structured sale-leaseback of four new Boeing B737-800 aircraft with a major Asian airline.
    • Sale of E-Notes in structured financing of four Boeing B777-200 aircraft on lease to a major Asian airline.
    • Structured sale-leaseback of four new Airbus A320-200 aircraft with a major Asian airline.
  • Representation of a US private equity fund in the purchase through a new leasing company of 51 Boeing 737 classics plus 40 spare CFM56-3B1 engines from Southwest Airlines, and the onward leasing and sale of the aircraft, airframes and engines.
  • Representation of a US leasing company in the purchase and ABS refinancing of 14 Boeing and Airbus aircraft subject to existing leases to eight airlines outside the United States.
  • Representation of the liquidator of the portfolio of a German landesbank in the sale of four loans, each secured by one Embraer E190 aircraft in the fleet of Republic Airways.
  • Representation of a German bank in the workout of loans secured by four Airbus A340-500 aircraft coming off lease to Emirates. 
  • Representation of a US investment bank as equity investor in the sale-leaseback of aircraft for American Airlines.
  • Representation of an arranger in the proposed securitization of more than 40 Eximbank-guaranteed aircraft loans.
  • Representation of an Irish leasing company in the refinancing of one Airbus A320-200 aircraft on lease to Indigo.
  • Representation of an on-demand airline in the pre-delivery payment and acquisition financing of approximately 30 new Bombardier Challenger 300 and Cessna Citation X jets.
  • Representation of a syndicate led by a Swiss bank in a warehouse financing for AerCap.
  • Representation of a syndicate led by a Swiss bank in a warehouse financing for Avolon.
  • Representation of a major international airline in negotiating a series of flight-hour-based engine maintenance agreements with GE, Rolls-Royce, MTU, and Pratt & Whitney, covering the off-wing maintenance of the airline’s entire engine fleet.
  • Representation of the leasing-company subsidiary of a US industrial company in the restructuring in bankruptcy of the long-term leveraged leases of approximately 100 Boeing 737 and 757 aircraft on lease to American Airlines, along with litigation over tax-indemnity claims and the trading of unsecured claims against the lessee.
  • Representation of a US investment bank in the trading of allowed claims in US airline bankruptcies.
  • Representation of several US and international leasing companies in a variety of aircraft transactions including aircraft sales and dispositions, secured loans, and operating leases.
  • Representation of major US and international airlines in a variety of aircraft transactions including sale-leasebacks, operating leases, securitizations, export-credit-agency financings, secured bank loans, and aircraft sales.

Recognition

Legal 500, 2014–2019
Advisories
Articles
September 2010
Co-author, Second Circuit Rules in Favor of Tax Indemnity Agreement Claims, Pratt's Journal of Bankruptcy Law
Stewart B. Herman

Education

  • JD, Temple University Beasley School of Law
  • MBA, Drexel University
  • BA, University of Pennsylvania

Bar Admissions

  • New York

Recognition

Legal 500
2014–2019
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