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The Tokyo District Court has granted a request by condominium builder and marketer Joint Corp. to start court-supervised rehabilitation proceedings along with its wholly owned subsidiary, Joint Residential Fudosan, the company said Tuesday.

The Tokyo-based company said in a press release it will seek to find a company to sponsor its operations in the course of its rehabilitation efforts with advice from Nikko Citigroup Ltd.

On May 29, Joint filed for bankruptcy protection under the Corporate Rehabilitation Law amid a slump in the real estate industry induced by the subprime mortgage crisis.

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