New Chapter 11 Filing – JPA No. 111 Co., Ltd.

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“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.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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