The September 1998 bankruptcy of JAPAN LEASING CORP. has created expansion opportunities for American companies in Japan (see Japan-U.S. Business Report No. 351, December 1998, pp. 15-16) as well as at home. Here, FIDELITY LEASING, INC. has acquired JLA CREDIT CORP., a Torrance, California equipment leasing company that Japan Leasing set up in 1988, for $357 million, including debt. JLA originated leases with an aggregate equipment value of $181 million in 1998 and, at yearend, had a net investment of $312.1 million in leases. Both it and Fidelity Leasing, a wholly owned subsidiary of Philadelphia's RESOURCE AMERICA, INC., are in the business of providing "small-ticket" leasing programs for manufacturers and vendors.
An exchange rate of ¥117=$1.00 was used in this report.aaaaaa