Compiled from wire reports The four banks that have pledged to help ailing supermarket chain Daiei Inc. regain its financial footing are considering dispatching senior managers to clarify their support for its reconstruction, informed sources said Wednesday.
Tokai Bank, Sanwa Bank, Sumitomo Bank and Fuji Bank will each send one executive. The banks have already agreed to buy 120 billion yen in new Daiei shares in a third-party allotment, the sources said.
Daiei also plans to shrink its board from some 40 members to fewer than 20 to speed up decision-making, company officials said.