We are proud to have helped our client take this important step toward achieving long-term financial stability
Dallas, TX (Vocus) September 19, 2009
Haynes and Boone, LLP assisted client AMR Corporation, parent company of American Airlines and American Eagle, in negotiating $1 billion in liquidity and selecting important new equipment.
As part of a series of actions designed to position American to meet the travel and transportation industry's near-term economic challenges and build its strategy for long-term success, Haynes and Boone assisted the air carrier in its advance sale to Citibank of $1 billion in AAdvantage™ frequent flyer miles and its selection of General Electric GEnx engines for its future fleet of Boeing 787-9 aircraft.
The transactions were part of a series of AMR initiatives that will bring American $2.9 billion in financing, reposition the carrier's network to take advantage of the changing marketplace and build a foundation for future growth.
"We are proud to have helped our client take this important step toward achieving long-term financial stability," said Haynes and Boone partner Jan Sharry, who participated in both the Citibank and GE engine deals. "This was a fast-paced, complex and innovative series of transactions with a huge value to American."
For the Citibank deal, Ms. Sharry was joined by partners Sue Murphy, along with associate David Colletti. On the GE engine transaction, Ms. Sharry worked with partner Jim Brashear and associates David Heard and Sakina Rasheed. Dallas associate Bart Biggers assisted others in connection in a related financing with GE Capital Aviation Services for $1.8 billion.
The Haynes and Boone Aviation Practice Group offers a broad range of legal services to the travel and transportation industry. The firm represents U.S. and foreign airlines, trade groups, airports, Internet travel service providers, aircraft and aviation parts manufacturers and suppliers and others in the industry. The group's representations have included transactional, bankruptcy, labor and litigation matters. Practice group members regularly negotiate and advise clients on mergers and other acquisitions, divestitures, aircraft-related transactions, labor issues, financing needs, capital raising, operational contracts, regulatory issues and litigation.
Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Washington, D.C., Mexico City and Moscow, providing a full spectrum of legal services. With more than 500 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal. The firm has been recognized as one of the "Best Corporate Law Firms in America" (Corporate Board Member Magazine, 2001-2009), as one of "The Best 20 Law Firms to Work For" (Vault.com, 2009), and as a Top 100 law firm for both diversity (MultiCultural Law Magazine, 2009) and women (Women 3.0, 2008).
# # #