A long-running dispute between FWA and VietJet. The Aircraft were originally leased to VietJet under a Japanese Operating Lease with Call Option (‘JOLCO’) structure. Under the structure, the Aircraft were financed as to ~75% by way of loan and as to ~25% by way of equity provided by Japanese investors.
Following the outbreak of the Covid-19 pandemic, VietJet fell into arrears around October 2021 on rental payments due under the lease agreements. Termination notices were issued and FWA sought to acquire the security rights under the lease agreements by way of assignment.
