Mycal Corp., a failed supermarket chain undergoing court-mandated rehabilitation, announced Tuesday that its rehabilitation plan has been approved by the Tokyo District Court.
Under the plan, Mycal will receive a capital injection of 20 billion yen from Aeon Co., operator of the Jusco supermarket chain, and redeem bonds issued to individual investors at 30 percent of their face value.
Institutional investors will get a bond redemption rate of up to 10 percent.
Aeon President Motoya Okada told a news conference that the new Aeon group, with the addition of Mycal, will have 1,053 outlets nationwide and generate roughly 3.2 trillion yen in sales.
Mycal creditors approved the rehabilitation plan via a majority vote at a creditors' meeting in Tokyo on Tuesday.
Under the plan, Mycal must consolidate its group assets and liabilities by absorbing eight affiliated companies and pay off 200 billion yen of an estimated 1.33 trillion yen in debt.
Cesar plan approved
Failed real estate firm Cesar Co. said Wednesday that creditors have approved its revival plan and that the firm is expected to complete its court-guided rehabilitation procedure soon.
The Tokyo-based midsize realtor, which filed for court protection from creditors under the fast-track civil rehabilitation law in March, is expected to finish liquidating its debts by the end of October.