Towa Real Estate Development Co. said Thursday it is seeking a 230 billion yen bailout package from UFJ and other creditor banks under a new five-year restructuring program.

The package includes 200 billion yen in debt relief and 30 billion yen in debt-for-equity swaps, the condominium developer said.

Towa said it expects its creditor banks to implement the measures in March; the restructuring program would start the following month.