JAPAN: Government To Help Firms Hit By Sogo Collapse
The Japanese government is to offer financial support to companies facing funding difficulties as a result of the collapse of the department store giant, Sogo.The Ministry of International Trade and Industry promised to provide up Y180bn ($1.66bn) in cheap emergency loans to companies affected by the collapse, including Sogo's 10,000 suppliers. There is concern in Japan that the retailer's collapse could trigger a new wave of bankruptcies.Sogo filed for court protection with almost Y2,000bn worth of debts, making it the largest non-financial bankruptcy. This came after the government backed down from a plan to use public funds to write off Y97bn out of Y198bn of loands it will buy from Shinsei Bank, the nationalised bank sold to Ripplewood, a US private equity group.
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