Bankrupt Japanese Lessors Close on $210 Million Sale of Airbus Jets
June 16 2022 - 1:38PM
Dow Jones News
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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