IFLR Awards Orrick "Asian Deal of the Year" and "Team of the Year"

IFLR, a leading global legal and finance trade journal, named Orrick as the winner of its "Asian Deal of the Year" award for its work on the Korean Airlines securitized ticket receivables deal. The publication also chose the team that handled the transaction as its "Securitization and Structured Finance Team of the Year." This marks the second year in a row that Orrick has been named as IFLR's "Team of the Year" for securitization and structured finance.

Korean Air generated the receivables in the United States, which arose under Minnesota law, resulted in various issues related to the identification and transfer of those receivables. The transaction needed to be structured under Delaware, Minnesota, California, New York, Korean, English and Cayman laws so that the receivables could be remitted out of the United States and securitized through Korea and the Cayman Islands. The first-of-its-kind structure also needed to take into account the myriad tax as well as accounting and Korean regulatory issues that arose from the complexity of the transaction.