Struggling theme park operator Huis Ten Bosch Co. said Monday that Hideo Sawada, chairman of travel agency H.I.S. Co., will oversee its turnaround efforts.
The announcement follows H.I.S.'s decision earlier this month to provide financial support for the Sasebo theme park.
All members of the existing management team will resign, Huis Ten Bosch said, adding that whether Sawada will assume the post of chairman or president has yet to be decided.
Sawada's appointment is part of a revised turnaround plan submitted Monday to the Tokyo District Court by Huis Ten Bosch's rehabilitation administrator. The plan needs approval from the court after it is put to a vote by creditors in late March.
According to the plan, Huis Ten Bosch will receive all 500,010 outstanding shares from its current parent, Nomura Principal Finance Co., free of charge and retire them.
It will then raise some ¥3 billion through a private allocation of 60,000 new shares to H.I.S. and four local companies, including Kyushu Electric Power Co.