Creditors on Monday approved a rehabilitation plan for troubled supermarket chain operator Nagasakiya Co., according to informed sources.
The move prompted Mizuho Corporate Bank to declare it will waive 79.45 billion yen of the supermarket's group debts, provided the rehabilitation plan wins court approval, the sources said.
The rehabilitation plan reportedly centers on the absorption by Nagasakiya of its two affiliates, Nagasakiya Estate and Kanazawa Nagasakiya.