Daiei Inc. shareholders gave the nod Thursday to the ailing supermarket chain's fresh three-year restructuring program featuring a 99 percent capital cut and a 520 billion yen bailout from its three main creditor banks.

The program is aimed at drastically boosting Daiei's earnings and reducing its debts so it can resume dividend payments on common shares by the end of February 2005, the company said.

Under the program, Daiei will cut its capital to 500 million yen from the current 112 billion yen and use the proceeds to cover some of its massive losses.