“On December 17, 2021, Tokyo-based specialty purpose vehicles JPA No. 111 Co., Ltd. and JPA No. 49 Co., Ltd. formed to acquire and lease Airbus A350 aircraft, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-12075). The company reports $100 to $500 million in both assets and liabilities. The First Day Declaration states the Debtors were forced to file these Chapter 11 Cases because their senior mortgage holder, FitzWalter Capital Partners Limited, is engaging in an out-of-sight foreclosure of the Debtors’ assets with the singular goal of cashing out their claims without concern for junior creditors or equity holders. The Debtors believe there is sufficient value to provide a return to all creditors and a distribution to certain investors if the Debtors’ assets are sold pursuant to an organized and transparent process before the Court.
Cole Schotz does not represent the Debtors in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtors’ counsel.
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