Davis Polk has been a leading adviser in the transportation sector for well over a century. Our clients include major automotive, airline, rail and shipping companies, as well as their financial advisers and suppliers. Our lawyers have gained extensive experience and deep, sector-specific insight in the context of M&A transactions, joint ventures, securities offerings, restructurings,leasing matters and other complex financings, executive compensation arrangements and a broad range of litigation matters.
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• Our regular clients in the industry include Ford, Delta, FedEx and Royal Caribbean Cruises.

• We are long-time regular outside counsel to Ford, advising it on a wide range of transactions and other corporate matters, including its recent balance sheet restructuring that involved a $1.6 billion common stock offering -- the first in the company's history -- a series of transactions that resulted in a debt reduction of nearly $10 billion, and its $2.875 billion SEC-registered offering of senior convertible notes -- the second-largest equity-linked offering by a U.S. issuer in 2009.
  
  
• The firm is a primary outside counsel to Delta Air Lines, serving as lead counsel on its landmark bankruptcy case, sucessfully defending the company from a $10 billion hostile takeover attempt by US Airways, and advising it on several recent complex bank financings.
  
  
• Davis Polk is regular outside counsel to FedEx, advising it on various acquisitions, such as its purchase of Kinkos, as well as all of its major securities transactions, including a $1 billion notes offering in 2009.
  
  
• The firm has advised Royal Caribbean Cruises, another long-time client, on nearly $3 billion in securities and credit transaction over the last three years.
  
  
• The firm has advised the debtor-in-posession lenders in the restructurings of Dephi, Federal Mogul and Citation.
  
  
• We advised Grupo Ferrovial, one of the world’s leading infrastructure companies based in Madrid, on its merger with Cintra Concesiones de Infraestructuras de Transporte, a Madrid-based toll road development and management company and a 66.88%-owned subsidiary of Grupo Ferrovial.
  
  
• We advised Citibank on its $1 billion pre-purchase of AAdvantage frequent flyer miles from American Airlines, the principal subsidiary of Fort Worth, Texas based AMR Corporation, as part of an amendment and extension of the existing Citi/AAdvantage credit card agreement between Citibank and American Airlines.