Mitsui Construction Co. announced a five-year restructuring plan Friday under which the ailing general contractor will ask about 10 creditor financial institutions, including Sakura Bank, to forgive debts totaling 163 billion yen.
The plan, which covers fiscal 2000 to 2005, calls for 370 jobs to be cut, reducing the firm's total workforce to 2,900 by the end of March 2003.
The midsize general contractor will also reduce its capital from the current 22.79 billion yen to 8.46 billion yen after seeking approval at its June shareholders' meeting.