One US factoring bet cost JA Mitsui Leasing ¥150.5B — and a rescue from its owners

JA Mitsui Leasing, whose principal shareholders are the Norinchukin Bank and Mitsui & Co., ran US factoring through Katsumi Global, its Texas-registered group company. Katsumi acted as buyer representative and servicer for receivables purchases in First Brands Group's factoring programmes, on behalf of itself and other investors.

When First Brands filed Chapter 11 in late September 2025, Katsumi was owed around $1.75 billion in outstanding receivables — and the bankruptcy court heard that money meant for segregated creditor accounts had not arrived. First Brands' own filing later described inflated billing, fabricated billing and multiple assignments of receivables.

On 3 February 2026 JA Mitsui Leasing recognised a ¥150.5 billion allowance for doubtful accounts on the First Brands receivables — ¥103.0 billion more than its November disclosure — and cut its full-year forecast to a ¥115.7 billion net loss. To stay sound it asked Norinchukin and Mitsui & Co. for capital support and arranged a subordinated syndicated loan from SMBC, Sumitomo Mitsui Trust, MUFG and Mizuho; Norinchukin had already increased its credit lines.