Copyright 2000 Jiji Press Ltd.
Jiji Press Ticker Service
May 19, 2000, Friday
HEADLINE: Court Permits Nagasakiya to Start Rehabilitation
DATELINE: Tokyo, May 19
Tokyo District Court has approved the start of rehabilitation procedures for
Nagasakiya Co., a failed midsize supermarket chain, the company said Friday.
Kunimoto Fukuda, director-consultant at food retailer Eco's Co., is to take
charge of rebuilding Nagasakiya as an
official receiver and the Cerberus Group, a U.S. private equity fund, will offer financial
support.
Nagasakiya will submit a reconstruction plan by May 2001 with the aim of
obtaining approval by July.
Fukuda said he is aiming to put Nagasakiya back on its feet as early as
possible, and hopes that Cerberus' expertise in corporate reconstruction will
help bring out Nagasakiya's strengths, such as its extensive branch network.