Copyright 2000 Asia Pulse Pte Limited
ASIA PULSE
June
16, 2000
HEADLINE:
JAPAN S DAI ICHI HOTEL REAL ESTATE ARM APPLIES FOR LIQUIDATION
Dai-Ichi Hotel Enterprise Co, a real estate arm of the failed Dai-Ichi Hotel Ltd (TSE:9710), has filed an application for liquidation with the Tokyo District Court on Friday, company officials say.
Debt, including credit guarantees extended by the firm, is estimated to total 65.2 billion yen (US$ 612.2 million).
The company has been providing comprehensive real estate brokerage services, including buying and selling condominiums. It has also been leasing space in the Seafort Centre Building in Tokyo's Shinagawa Ward.
Dai-Ichi Hotel applied for court protection from creditors on May 26, prompting five Dai-Ichi hotel group firms to follow suit. One group firm declared
bankruptcy
and another is applying for reconstruction under the Civil Rehabilitation Law.
Dai-Ichi Hotel Enterprise will become the eighth group firm to collapse. Total group debt is estimated at 212.2 billion yen.
Nikkei