FUKUOKA (Kyodo) Struggling theme park operator Huis Ten Bosch Co. said Friday it has gained approval from the Tokyo District Court for its new plan to seek restructuring under the initiative of travel agency H.I.S. Co.
Based on the new restructuring plan filed with the court in February, all members of the management team have resigned and H.I.S. Chairman Hideo Sawada became president of Huis Ten Bosch in Sasebo, Nagasaki Prefecture.
Koji Karaike, president of Kyushu Railway Co., or JR Kyushu, assumed the post of part-time director and Shingo Matsuo, chairman of Kyushu Electric Power Co., took office as adviser.
Huis Ten Bosch will reduce its capital to zero on April 6 while receiving at the same time fresh capital of ¥2 billion from the Tokyo-based travel agency and ¥1 billion from five local companies, including Kyushu Electric Power, to transform itself into a new operator of the theme park.