• Kyodo News

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Pacific Holdings Inc., a Tokyo-based company managing real estate investment funds, filed for bankruptcy protection with the Tokyo District Court, the company said Tuesday.

The company, listed on the first section of the Tokyo Stock Exchange, has accumulated debts worth ¥163.6 billion.

The firm’s finances have deteriorated badly during the global financial crisis, which has slashed prices of real estate.

The company had asked financial institutions to delay debt repayments and was looking for a sponsor to help it reconstruct.

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