JAPAN: Bail Out Fund Demands Better Deal From Sogo
Japan's bank bailout fund has asked failed retailer Sogo to revise its recovery plan so it can repay more of its 1.87 trillion yen ($17bn) debt and reduce the burden on taxpayers, according to Bloomberg. Last month, the department store operator proposed a 10-year rehabilitation plan, saying it would repay just 93.3bn yen (869m), or about five per cent of its debt, close almost half its stores and fire about one third of its employees. The government's Deposit Insurance Corp, which will buy some of the Sogo loans, asked it to consider developing a longer-range plan that would allow it to repay more debt, said Hiroshi Saito, a spokesman for the agency. The request suggests creditors may reject the plan by Sogo, which is still operating under court supervision.
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