, created in 2003 to help companies burdened with heavy debt, has been involved in the high-profile rehabilitation efforts by such companies as retailer Daiei Inc.
which is reportedly considering offering a helping hand to Daiei on condition the IRCJ
His experience at the IRCJ
, in particular, adds a dimension to our ability to advise Sun Capital given its focus on underperforming, turnaround, and special situation investing.
, created in 2003 to help companies burdened with heavy debt, has been involved in the rehabilitation of such companies as major retailer Daiei Inc.
Originally established to help banks weather the Non-Performing Loan (NPL) crisis by taking over and rehabilitating sick companies, the IRCJ
in its first nine months has managed to acquire control of only a small
Sets Off Moves by Banks & Buyout Firms that Accelerate Restructuring Process Japan's new Industrial Revitalization Corporation (IRCJ
) is moving to revitalize struggling companies that can reorganize themselves in three years.
has invited bids for the two companies to be made by next Monday.
Analysts say the rigid conditions of the restructuring plan created by the IRCJ
were difficult for the foreign bidders to meet.
We recently spoke to Saito about his outlook for the IRCJ
Faced with financial hardships, however, it sought IRCJ
aid in June last year.
4% ownership position would give the IRCJ
the right to major decisions and could obstruct any radical restructuring plans proposed by outside investors.
But we were skeptical even before the corporation was established, and our skepticism has so far proven correct: The IRCJ
is still muddling about with relatively minor local corporate revitalizations.