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Bankrupt Japanese Lessors Close on $210 Million Sale of Airbus Jets

By Akiko Matsuda

 

Two Japanese aircraft lessors closed this week on a $210 million sale of two Airbus jets to Strategic Value Partners LLC, a stalking-horse bidder that had emerged in March as the winner of the bankruptcy auction, according to a notice filed with the U.S. Bankruptcy Court in New York on Thursday.

JPA No. 111 Co. and JPA No. 48 Co., both owned by a subsidiary of Japan Investment Adviser Co., had jointly filed for chapter 11 in December to stop foreclosure proceedings initiated by their senior lender, FitzWalter Capital Partners (Financial Trading) Ltd.

FitzWalter had sought to throw the chapter 11 cases out of court, but a bankruptcy judge denied the request. FitzWalter then appealed the decision in the U.S. District Court, but later settled with the lessors to withdraw its pending appeal upon closing of the sale.

 

Write to Akiko Matsuda at akiko.matsuda@wsj.com

 

(END) Dow Jones Newswires

June 16, 2022 13:23 ET (17:23 GMT)

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