U.S. investment fund Cerberus Asia Capital Management LLC has agreed to waive claims on 17 billion yen of its 23 billion yen in credits to Dia Kensetsu Co., the nation’s second-largest condominium builder, it was announced Tuesday.
Under the same agreement, Delaware-based Cerberus will funnel 4 billion yen to Dia through the purchase of convertible bonds it will float, the two companies said.
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