Siva Subramaniam

Partner (Foreign Law)

Siva Subramaniam is Co-Head of the Maritime & Aviation Practice and Head of Aviation Finance.

He represents many leading banks, airlines, leasing companies, private equity firms and export credit agencies in a wide variety of transactions, such as leveraged leases, operating leases, portfolio sales and financings, sale-leasebacks, securitisation of lease portfolios, and export credit-agency and insurance supported loans.

Siva is ranked Band 1 for Aviation: Finance in both the Singapore and Asia-Pacific regions in the Chambers Asia-Pacific 2025 edition and recognised as a leading individual by The Legal 500 Asia Pacific 2024 in the area of Asset Finance.

Chambers Asia-Pacific notes that “he deeply understands the aviation industry, especially aircraft finance and aircraft leasing”, with clients commenting that: “He's outstandingly service-minded, with impeccable experience and knowledge. He's a great guy”, “Siva is one of the best English law counsels in Asia and can be relied on in complex situations.” and “Siva is a great asset to have.”

The Legal 500 Asia Pacific also praised him as “a leader in the aviation sector”, and that he “has impressed in aviation restructurings in recent years”.

Work Highlights

  • Advised Bain Capital on its landmark acquisition of Virgin Australia (in administration), and led the fleet restructuring team (relating to the restructuring of financing and leasing of over 70 aircraft and engines). The corporate rescue of Virgin Australia was one of the highest profile and complex restructuring deals of 2020, and was awarded Airfinance Journal (AFJ) M&A Deal of the Year 2020.
  • Advised Singapore Airlines on its first secured commercial financings (with interest and currency swaps) of around S$8 billion (including IBOR transitions) with respect to over 40 aircraft (A350s and B787s), and sale and leaseback of over 30 aircraft from various lessors.
  • Advised Natixis, Korea Development Bank and Fifth Third Bank on the structured pre-delivery payment financing of up to three B787s for Goshawk and Air Europa. This deal was awarded AFJ Sale and Leaseback Deal of the Year 2019.
  • Acted for The Hongkong and Shanghai Banking Corporation Limited and Societe Generale Group with respect to the JOLCO financing of four aircraft for ICBC Leasing. This deal was awarded Airline Economics APAC Overall Deal of Year, 2022.
  • Acted for Scoot with respect to the sale and leaseback of six B787s to Castlelake and Commonwealth Bank of Australia. This deal was awarded Airline Economics Sale and Leaseback Deal of Year, 2022.
  • Acted for a number of operating lessors with respect to the restructuring of various aircraft leases for Garuda as part of its PKPU processes. This was the largest restructuring in Indonesia in 2022.
  • Acted for a number of banks and operating lessors with respect to the restructuring of financings and operating leases for Philippines Airlines and Aero Mexico (both airlines in CH11).
  • Acted for the European export credit-agencies (“ECA”) with respect to the ECA-supported financings for Asiana and Korean Airlines (including IBOR transition and repayments) for a number of A380s and A330s.
  • Acted for AirAsia with respect to the pre-delivery financing of 20 A320s from Carlyle Aviation Partners.
  • Acted for ANZ, Commerzbank, SMBC, ING and MUFG with respect to approximately US$500 million of JOLCO financing for Singapore Airlines in respect of four (4) Boeing 787-10 aircraft. This financing is part of SIA’s first set of JOLCOs for B787 aircraft.
  • Acted for DBS with respect to the approximately US$100 million JOLCO financing for Ocean Network Express Pte. Ltd. in relation to 20’ Standard Dry Cargo Containers and 40’ High Cube Dry Cargo Containers
  • Acted for Scoot with respect to the acquisition and leasing of 9 x Embraer E195s, with Azorra as the lessor. This is the first acquisition by Scoot of Embraer or regional aircraft.
  • Acted for SMTB in respect of its secured term loan to CCB Financial Leasing Corporation Limited in relation to the financing of one (1) Airbus A321-251NX aircraft operated by Pegasus Airlines.
  • Acted for DBJ as seller with respect to the sale, release of financing and novation of one (1) A320 Neo aircraft operated by IndiGo to Vmo Aircraft Leasing.
  • Acted for CUB with respect to the unsecured revolving credit facility of up to US$250m for TEAMS.

Publications