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Construction firm Aoki files for court protection.

Publication: Japan Weekly Monitor
Publication Date: 10-DEC-01
Format: Online
Delivery: Immediate Online Access

Article Excerpt
TOKYO, Dec. 6 Kyodo

(EDS: ADDING UNCONSOLIDATED DEBT FIGURE IN 2ND PARA, INFORMATION ON CREDITORS' MEETING IN 5TH PARA)

Debt-swamped midsize construction company Aoki Corp. on Thursday filed for court protection from creditors with consolidated liabilities of 522.0 billion yen in the biggest corporate failure in Japan since the Sept. 14 filing for court protection by major retailer Mycal Corp.

Its parent-only debts stood at 372.1 billion yen.

Aoki said it took the legal action under fast-track legislation for corporate rehabilitation as it gave up efforts to rehabilitate itself on its own because the protracted economic slump weighed heavily on its...

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