OSAKA — The former president of photocopier maker Mita Industrial Co., which filed for application of the Corporate Rehabilitation Law earlier the week, told creditors Friday that he will make efforts toward compensation in all ways possible, including selling his personal assets.
The company’s liabilities were put at over 210 billion yen, making it the largest de facto bankruptcy of a manufacturer on record.
Yoshihiro Mita faced some 1,500 creditors who gathered in Osaka and admitted the firm had dressed its financial records for years in an effort to secure loans.
A similar creditors’ meeting was held the same day in Tokyo. Some creditors expressed concern over whether the falsified financial statements would affect rehabilitation proceedings.
But Makoto Miyazaki, a lawyer and the firm’s court-appointed administrator, said the courts accepted Mita’s application after being informed of the falsification.
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