Mitsubishi Heavy Industries announced that it has filed for the commencement of special liquidation for its consolidated subsidiary, MSJ Asset Management, as of July 4th.
The company was established in March 2008 as M-Jet, and its commercial name was changed to Mitsubishi Aircraft Corporation in April of the same year. It aimed to develop a domestic jet passenger aircraft, and although the first flight was planned for 2011 with the first aircraft to be delivered in 2013, the schedule was significantly delayed, with the first flight eventually taking place in 2015. The development was prolonged due to repeated design changes and difficulties in obtaining type certification, resulting in a state of insolvency.
The development was temporarily suspended in October 2020, and in February 2023, it was decided to discontinue the development. In April of the same year, the company name was changed to its current name, and the remaining business was being processed. A decision to file for special liquidation was made once a certain direction was established.
The total amount of liabilities is approximately 641.3 billion yen, making it the largest special liquidation to date. The impact on Mitsubishi Aircraft Corporation’s performance is said to be minor.
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