Troubled Sanyo Securities Co., which filed in November for application of the Corporate Rehabilitation Law, said Wednesday it was moving toward liquidation amid slim chances it will be bought.
Legal counsels appointed to take charge of the brokerage's rehabilitation told a news conference that they have so far been unsuccessful in finding any firm, domestic or foreign, willing to take Sanyo. "Given the dramatic changes in the environment and current economic conditions, we have decided to give up our efforts for the present toward a transfer of operations," they said in a statement.
The legal administrators stressed that while they had not given up completely on the possibility of selling off the brokerage to another party, a change of plan was necessary, given the anxieties of Sanyo employees and creditors.