Sponsor struggled with funding?Takefuji growing possibility of “liquidation”

A new problem has occurred circulates the processing of Takefuji that bankruptcy.Amid deadline for submitting reorganization plan is close to July 15, A & P Financial, Inc. of South Korea sponsored by,’s running around prospect of funding does not stand still.

Concerning the Takefuji, trustee is selected as the sponsor A & P in April this year.However, mid-June, the situation varies greatly.According to officials, in the immediate phase of about one month to submit a reorganization plan, suddenly, it’s that began funding in Japan already.

It is said there in the background, and upset the home country, funding in Korea.Now, in the midst of high interest rates is a social problem and intense collection of consumer finance, regulation has been strengthened in Korea.Because the future is also worried about A & P, won depreciation multiplied by the final blow further, I mean you try to switch the suppliers to Japan from Korea.

‘re Kakezurimawa~tsu to raise money actually in Japan, Deutsche Securities.It’s status quo It seems that including the bank, you are approached by and around the investment fund and securities companies, but both are of severe.

Where it’s rapidly emerging, funding securitization was backed by loans that Takefuji bankrupt held.But the prospect is not standing in the 6th-July this also.

According to the trustee, “A & P is made financing in Korea” and.It is to be a procurement of new loan funds and refinancing at more favorable conditions of procurement in the country now, deny the funding difficulties.However, trustee showed its intention to hold a press conference and allowed to sit the A & P also in June, but has not been realized yet.

Moreover, these observations begin to spread in the financial markets, in the plight endeavor to credit enhancement, such as published on the website of Takefuji in a hurry publicity materials describing the results of its own, A & P suggesting that desperate first time.

It is not clear how much money do the nearly exhausted, but if in the future, prospects did not stick to funding if, that you re-select the sponsors there is one of the choices.However, if you look at that it has determined that the company that financial markets do not deserve funding, likely to follow the road to liquidation is growing very.

Headwind is blowing in the Takefuji further.July 1, bondholders who Takefuji is submitted to the court a reorganization plan of its own that is “better to liquidation than to play the higher the payment rate” and.Currently, we aim at the rejection of the reorganization plan that trustee is out.Repayment rate of the proposed trustee people is that while said to be 3-4%, it’s claimed “5-6% is likely to be secured in the end” (as industry participants).

Also, “National Conference to pursue the responsibility of Takefuji” that activity lawyers played a central role, “accountability to the founding family is sweet trustee” as also here to reject the reorganization plan of the trustee , and that will work on the so-called overpaid creditor.

Takefuji to stray even after bankruptcy.Liquidation risk is increasing day by day.

(“Weekly Diamond” Editorial Tatsuya Noguchi)

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