Davis Polk & Wardwell LLP is advising DeCrane Aerospace, Inc. on the sale of its Cabin Management business to Goodrich Corporation for approximately $280 million, subject to adjustment based on closing working capital. We are also advising DeCrane on the agreement with a substantial majority of its lenders and stockholders to effect a restructuring of the capital structure of DeCrane’s PATS Aircraft Systems following completion of the sale.

DeCrane's Cabin Management business is a leading provider of seating, furniture, veneers, interior composites and cabin management systems for the business jet market. DeCrane’s PATS Aircraft Systems is provides business and executive aircraft auxiliary fuel system manufacturing and VVIP executive jet maintenance, modification and interior completions. Headquartered in Charlotte, North Carolina, Goodrich Corporation supplies aerospace components, systems and services worldwide.

The Davis Polk corporate team includes partner Nancy L. Sanborn and associates H. Oliver Smith and Lee Hochbaum. Partner Lawrence E. Wieman and associates Peter T. Bazos and R. Andrew Dickson III are providing credit advice. Partner Gail A. Flesher and associate Brianne M. Lucyk are providing environmental advice. Partner Barbara Nims and counsel John T. Wright are providing employee benefits advice. Counsel James C. O’Brien of the Menlo Park office and associate Lucie E. Shin are providing real estate advice. Associates David R. Bauer and Randy Samson are providing intellectual property advice. Partner Kathleen L. Ferrell and associate Yuliya Epifantseva are providing tax advice. Unless otherwise noted above, all members of the Davis Polk team are based in the New York office.