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Nissho Iwai Corp., a major trading firm struggling under heavy financial burdens, will carry out a drastic restructuring that will halve its textile business, company sources said Tuesday.

In its medium-term streamlining plan to carried out through March 2002, the company aims to reduce consolidated interest-bearing debts worth 3.4 trillion yen as of March 31, 1999, to some 2.3 trillion yen, the sources said.

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