The state-backed Industrial Revitalization Corp. of Japan should assess the quality of Daiei Inc.’s assets before Daiei turns to the IRCJ for help, Kazuyoshi Kaneko, minister of industrial revitalization and administrative reforms, said Friday.
Daiei and its three main creditor banks have remained at odds for more than a month over whether Daiei should ask the IRCJ to help turn its business around.
The idea to use IRCJ, floated by the three banks, emerged because IRCJ will be allowed to buy loans from lenders of debt-ridden firms by March.
It is also desirable to finish assessing asset quality, a process expected to take about three months, before Daiei accepts IRCJ assistance.
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.