Dai-Ichi Kangyo Bank plans to lend an additional 50 billion yen to ailing supermarket-chain operator Mycal Corp. by the end of the month, industry sources said Tuesday.
DKB, the main lender to the ailing Osaka-based company, was expected to make a formal decision as early as later in the day, the sources said.
Belonging to the Mizuho Financial Group, DKB has taken the initiative in financing Mycal, offering 35 billion yen in additional loans in July.
Mycal has said it will reduce its group’s interest-bearing debts — 1.151 trillion yen at the end of February — to 910 billion yen by the end of August.
The company announced Monday that it will speed up its restructuring efforts and sell some of its shares in subsidiary Mycal Hokkaido Corp.
It is also seeking a tieup with domestic and foreign companies, including capital alliances, in a bid to recover its profitability and credibility.
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