JAPAN: Court Agrees To Marutomi's Restructuring Plan
Bankrupt shoe retailer Marutomi Group Co is to issue new shares worth Y20 million to company president Masayuki Chaya by the end of November as part of a restructuring plan agreed by the Nagoya District Court. The company, which currently has 381 stores, filed for court protection from creditors in December 2000. In July this year, it agreed to close some of its outlets and repay debts totalling 25,125 million yen.
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