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Huis Ten Bosch Co., operator of a 17th century Dutch theme park in Sasebo, Nagasaki Prefecture, collapsed under 228.9 billion yen in debt Wednesday after Mizuho Holdings Inc. cut off funding in a race to resolve problem loans.

The failure of Huis Ten Bosch, Dutch for “House in the Forest,” represents the largest failure of a theme park operator in Japan. It is the second largest failure of a public-private enterprise since the 2001 failure of Phoenix Resort Ltd., which ran the Seagaia luxury resort in Miyazaki Prefecture.

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