A joint panel of the nation's banking and business circles finalized on Wednesday a set of guidelines under which troubled corporate borrowers can ask for debt forgiveness.
In a stab at easy debt waivers, the panel said companies receiving relief from multiple creditors should be able to churn out operating profits and eliminate excess liabilities within three years and have management resign.
But decisions should be on a case by case basis, out of consideration for the diverse economic conditions different borrowers face, said Shinjiro Takagi, panel chairman and a professor at Dokkyo University.