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  11.07.2023

  EU

  In-depth investigation by the European Commission into Danish and Swedish aid to SAS

  GB FR

  In August 2020, Denmark and Sweden notified the European Commission of their plans to provide support in the form of recapitalisation measures for the airline SAS.As a result of pandemic-related travel restrictions, SAS was at risk of default and insolvency. The recapitalisation involved the following measures: subscription of new shares by Denmark and Sweden for approximately EUR 194 million;subscription of new shares as part of a rights issue split between Denmark and Sweden for an amount of EUR 292 million; andrecently issued hybrid securities with a total value of EUR 583 million, equivalent...

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  19.06.2023

  Belgium

  The Belgian foreign direct investment regime comes into force on 1 July 2023

  GB FR

  As from 1 July 2023, non-European investors will have to notify an Interfederal Screening Committee of their investment projects in a Belgian company active in a highly sensitive sector or one likely to affect security, public order or the strategic interests of the Belgian State, Regions and Communities.Three years after the adoption of Regulation (EU) 2019/452 of 19 March 2019 establishing a framework for screening foreign direct investments in the European Union, on 1 June 2022  the various Belgian competent governments concluded a draft cooperation agreement which aims to introduce a foreign...

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  09.06.2023

  United Kingdom

  Acceleration clause upheld in aircraft lease

  A recent judgment of Charles Hollander KC gives comfort to lessors who seek to rely upon acceleration provisions in their leases following an event of default. The case of VS MSN 36118 CAV Designated Activity Company v SpiceJet Limited [2023] EWHC 1146 (Comm) examined whether a clause providing for the payment of future rent following an event of default was sufficiently clear so as to be binding upon the lessee, or whether it was a penalty clause. While noting that the wording of the clause in this particular case was unsatisfactory, the Judge was able to interpret the relevant provision such...

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  06.06.2023

  Europe

  The European Commission investigates the project of acquisition of Asiana Airlines by Korean Airlines

  GB FR

  Korean Airlines notified the European Commission of its proposed acquisition of Asiana Airlines on 13 January 2023. On 17 February 2023, the Commission opened an in-depth investigation into the proposed acquisition to assess whether it could restrict competition on the markets of passenger and cargo air transport services between the EEA and South Korea. On 17 May 2023, the Commission issued a Statement of Objections to Korean Air.Korean Air has made a number of notifications to several national competition authorities responsible for merger control. Eleven countries (China, Australia, Malaysia,...

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  01.06.2023

  Europe

  State aid: following appeals by Ryanair, the General Court of the EU annuls the Commission's decisions approving aid for SAS, Deutsche Lufthansa and Italian airlines

  GB FR

  On 11 May 2023, the General Court of the EU cancelled two European Commission decisions authorizing State aid in the form of capital injections for the airlines SAS and Deutsche Lufthansa, in particular because there was no mechanism for increasing the remuneration of the Swedish and German States' shareholdings and because of the modalities of the exit of the State. On 24 May 2023, the General Court of the EU annulled the Commission's decision of 22 December 2020 authorizing a compensation scheme for airlines holding a licence given by the Italian authorities due to a failure to state reasons....

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  30.05.2023

  United Kingdom

  Aircraft redelivery: the consequences of non-compliance

  A recent English Commercial Court case has confirmed when amendments to a claim should be permitted, in the context of considering the terms of a standard aircraft operating lease relating to the redelivery of leased aircraft and whether specific conditions had been met. BackgroundIn the case of GASL Ireland Leasing A-1 Limited v SpiceJet Limited [2023] EWHC 1107 (Comm), GASL (Lessor) claimed that SpiceJet (Lessee) had failed to comply with the redelivery conditions when returning the leased Boeing 737-800 aircraft following an event of default under the lease.The Lessor claimed that the Lessee...

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