Struggling Kanebo Ltd. faced a storm of questions and criticism Thursday during an extraordinary meeting of shareholders aimed at raising new capital and changing its auditing corporation.

In line with a revival plan announced in May, Kanebo will seek to improve its financial standing by obtaining more funding from its main bank, Sumitomo Mitsui Banking Corp., and the state-backed Industrial Revitalization Corp. of Japan.

Kanebo also plans to issue 30 billion yen worth of preferred shares to Sumitomo Mitsui Banking and 20 billion yen worth of deferred shares to IRCJ.