Japan National Oil Corp. said Wednesday it has authorized a plan by subsidiary Japan Oil Development Co. to rehabilitate itself under court protection from creditors.

Japan Oil Development went to the Tokyo District Court earlier in the day seeking protection under the fast-track Civil Rehabilitation Law, the government-affiliated JNOC said in a statement.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.