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Towa Real Estate Development Co., which has requested a huge debt waiver, reported on Thursday net losses of 82.51 billion yen for the fiscal first half through September.

The firm attributed the red ink to a special loss of 82.5 billion yen, mainly from appraisal losses on real estate assets. The assets will be sold in the near future as part of restructuring.

The firm has requested that creditor banks give up loans totaling 230 billion yen in return for carrying out a restructuring plan.

The restructuring plan, announced earlier this month, has pummeled the share price of UFJ Holdings Inc., Towa’s main creditor bank.

President Ubumi Sagara expressed his intention to step down at the next shareholders’ meeting in June, apparently because of mounting public criticism against the debt-waiver request, the second in three years.

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