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Europe, Others Hear of Success of Cape Town Global Aviation Finance Treaty
Dépèche transmise le 12 novembre 2010 par PRNewswire
ROME, November 12, 2010 /PRNewswire/ -- In less than five years, the unique global treaty on leasing and financing of commercial aircraft known as the Cape Town Convention has already distinguished itself as a leading commercial law treaty.
"Cape Town is among the most successful commercial law treaties ever and has established itself as the central legal text applicable to international aviation financing and leasing," said Jeffrey Wool, secretary general of the Aviation Working Group (AWG), a not-for-profit industry association.
Wool spoke this week to about 100 airline, government and industry representatives who met here for a Cape Town Treaty Forum for Europe, the Middle East and Africa.
AWG co-sponsored the event with Unidroit, the Rome-based independent intergovernmental organization dedicated to private and commercial law, which co-developed the treaty with the International Civil Aviation Organization.
The treaty itself has two elements - the Convention, which deals in general with commercial transactions involving mobile assets, and the Aircraft Protocol, which relates specifically to aircraft issues.
In essence, Cape Town creates a framework that expands the sources for aircraft financing and reduces costs by minimizing legal risk in ratifying countries.
Since taking effect in 2006, 34 nations including the U.S., China and India have ratified Cape Town.
The Rome participants shared experiences from ratifying countries and encouraged in-process nations to complete their ratifications in order to realize treaty benefits.
"Cape Town now covers over half the world's aircraft transactions. This strong base shows it's already a major success and gives us confidence that it offers significant value," said Scott Scherer, senior V.P. for Boeing Capital Corporation and AWG co-chairman.
The European Community ratified Cape Town in 2009, clearing the way for member countries to individually ratify it. Unidroit organized a subsequent designed process to help determine which actions European countries can take given EU rules.
"With the clarity provided by the Unidroit process, our focus moves to ratification by European countries, and the opportunity that presents to help European airlines finance their future aircraft deliveries," said Claude Brandes, Senior Director Customer Finance for Airbus and AWG co-chairman.
Aircraft financiers see possibilities for new financing sources through structures enabled by increased lender protections made available under the treaty's umbrella.
"As financial conditions continue to improve, we are looking to the promise of what new capital markets structures can offer to aircraft funding, as Cape Town's protections tie directly into the requirements for these structures, including those of the rating agencies," said Patrick Käufer, Managing Director for Debt Capital Markets at Deutsche Bank..
Speaking for Unidroit, its secretary-general, Jose Angelo Estrella Faria, said the treaty represents the best of what industry interests and governments can jointly accomplish.
"Cape Town is driven by the commercial objective of facilitating global asset-based finance. That objective has been met, and more countries will benefit as they ratify it. Today's event is another example of the close cooperation between government and industry needed to continue to develop the Cape Town treaty system."
http://www.awg.aero/contact.htm
Contacts:
Aviation Working Group - Jeffrey Wool:
Unidroit - John Atwood:
CONTACT: Contacts: Aviation Working Group - Jeffrey Wool:; Unidroit - John Atwood:
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