OSAKA (Kyodo) Moneylender J Trust Co. said Friday it has concluded a sponsorship contract for rehabilitating major nonbank lender Lopro Corp., which is undergoing corporate rehabilitation proceedings.
J Trust, listed on the second section of the Osaka Securities Exchange, said it hopes to expand its business by helping with the rehabilitation of Lopro, formerly known as Nichiei Co., through the contract between the two parties.
J Trust plans to assist in the procurement of funds for Lopro and the continued employment of its workers.
Last month, Lopro filed for bankruptcy protection under the civil rehabilitation law with the Tokyo District Court and was granted protection from creditors.
Established in 1970 as Nichiei, the company grew through lending mostly to small and midsize companies. It renamed itself Lopro in 2002 after going through a major restructuring.