Commercial RE Co., a property management company, said Thursday it has filed for bankruptcy protection, estimating its liabilities at ¥15 billion.
The company, listed on the Jasdaq Securities Exchange for young firms, said it has already secured a protection order from the Tokyo District Court and will continue business operations.
Jasdaq, which was recently absorbed by the Osaka Securities Exchange, said Commercial RE will be delisted June 7.
Commercial RE, founded in 1980, became insolvent due to cash flow deterioration. Its commercial facility and condominium sales have dropped amid the real estate slump.
The company estimates it will incur a group net loss of ¥3.4 billion for the 2009 business year that ended March 31, following a loss of ¥11.4 billion the previous year.
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