Condominium builder Daikyo Inc. and investment fund J-Will Partners have won a race to support struggling condominium developer Anabuki Construction Inc., sources said Friday.
Anabuki, which filed for court protection from creditors under the corporate rehabilitation law last November, will announce their selection as its rehabilitation sponsors early next week and submit its rehabilitation plan to the Tokyo District Court in July, they said.
After more than 10 companies made bids to sponsor Anabuki's rehabilitation, the bankruptcy administrator for the firm selected the alliance of Daikyo, which has a wide condominium sales network nationwide, and J-Will Partners, which has considerable financial muscle, the sources said.
J-Will Partners will provide most of the ¥20 billion required for Anabuki's rehabilitation, while Daikyo, known for its Lions Mansion-brand condominiums, will offer its condominium development and sales knowhow for Anabuki, which builds and sells Surpass-brand condominiums.
Anabuki, based in Takamatsu, Kagawa Prefecture, has reduced its workforce and branches and resumed condominium construction at various locations.