OSAKA — Mita Print Co., a firm affiliated with failed photocopier manufacturer Mita Industrial Co., has begun to seek composition procedures with creditors, a private credit research company said Monday.
Mita Print’s total liabilities come to roughly 7.7 billion yen, according to credit research firm Teikoku Data Bank Ltd.
Mita Print decided to give up its restructuring efforts after Mita Industrial, which had been assisting Mita Print, filed for application of the Corporate Rehabilitation Law earlier in the day, Teikoku said.
Mita Print was established in 1957 after some of Mita Industrial’s printing divisions were split up, and the two firms were both headed by Mita Industrial President Yoshihiro Mita.
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