28 September 2005 – LAWFUEL – The Law News Network – Hong Kong – Shearman & Sterling represented Cebu Air, Inc. in the financing of a new Airbus A-319 aircraft.
The financing, in the amount of US$ 25.8 million, was supported by credit insurance from Hermes, ECGD and Coface, the export credit agencies of Germany, the United Kingdom, and France, respectively, and was guaranteed by JG Summit Holdings, Inc. Cebu Air, Inc., which flies under the trade name Cebu Pacific, is the second largest airline in the Philippines in terms of fleet, sales and passengers. Cebu Air, Inc. is a subsidiary of JG Summit Holdings, Inc., which is one of the largest corporate groups in the Philippines, with diversified interests in banking, property development and real estate, food manufacturing, hotels, petrochemicals, telecoms and other areas. Cebu Pacific took delivery of the aircraft on September 25. Cebu Pacific has ordered a total of 12 new A-319 aircraft from Airbus.
Sandor E. Schick, based in the Firm’s Singapore office, was lead outside counsel for Cebu Pacific in the financing.