FUKUOKA – Nomura Principal Finance Co. is set to take over Huis Ten Bosch Co., the failed operator of a theme park in Sasebo, Nagasaki Prefecture, according to sources.
Nomura Principal Finance, the investment arm of the Nomura Securities group, has apparently outbid three other potential buyers with a total investment offer exceeding 30 billion yen, the sources said.
The court-appointed trustees of Huis Ten Bosch are expected to formalize the deal with Nomura in October.
Nomura Principal Finance will probably cut costs at Huis Ten Bosch by revising its pay structure and implementing other belt-tightening measures — instead of slashing jobs at the theme park.
Nomura Principal Finance hopes to bring the park back to profitability by improving facilities and enhancing its attractions.
The theme park was modeled after a Dutch town.
During the rehabilitation process, Huis Ten Bosch trustees have surveyed 14 companies that have shown an interest in investing in the theme park.
Having whittled the contenders down to four, the trustees have been conducting talks with the remaining companies, including Ripplewood Holdings LLC of the United States.
The theme park was opened in March 1992. Hit by a slump in visitors and deteriorating cash flow, Huis Ten Bosch filed for court protection in February, leaving 230 billion yen in liabilities.
Nomura Principal Finance, a wholly owned subsidiary of Nomura Holdings Inc., is capitalized at some 8.9 billion yen.
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