Japan Leasing Corp. -- one of three nonbank affiliates of the troubled Long-Term Credit Bank of Japan -- has failed and its top management will step down soon, the company said Monday.
The announcement was made one day after the firm effectively went bankrupt with debts topping 2.18 trillion yen, a record amount for a single corporate bankruptcy.
Japan Leasing, the second-largest company in the nonbank financing industry, filed a request Sunday night with the Tokyo District Court for legal protection from its creditors under the Corporate Reorganization Law. The request immediately was approved by the court, the officials said.