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Major construction company Aoki Corp. filed for court protection Thursday, unable to seek further aid from its creditors. The collapse is a foretaste of more to come, as banks hurry to clear their books of bad debts.

Just 2 1/2 years ago, Aoki’s 26 creditors agreed to waive 204.9 billion yen in liabilities. In return, they received a restructuring plan that would get the contractor back on its feet over a 20-year period.

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