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The government is planning to create a bailout body, possibly next spring, to help struggling small and midsize companies as part of its efforts to revitalize regional economies, government sources said Saturday.

The government is seeking to make the planned body a local version of the Industrial Revitalization Corp. of Japan, the sources said. The IRCJ, disbanded in March after operating for four years, was involved in the rehabilitation of major firms such as retailer Daiei Inc.

Private-sector members of the Council on Economic and Fiscal Policy, a key policy-guiding panel chaired by Prime Minister Shinzo Abe, will propose the planned body at its meeting Friday, the sources said.

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