Two special purpose entities, controlled by JP Lease Products & Services (JPLS), in response to what it describes in court papers as “aggressive and improper tactics of their senior lender and security agent”, filed for voluntary bankruptcy filings in the US on December 17, 2021. The companies that filed for Chapter 11 protection were JPA No. 111 Co., Ltd. and JPA No. 49 Co., Ltd (the SPVs), which were set up as part of a 2017 Japanese Operating Lease with Call Option (JOLCO) financing agreement between JPLS and Vietnam Airlines for two A350 aircraft. The SPVs have engaged New York
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