JAPAN: Daiei rescue package boosted to ¥520bn
Beleaguered Japanese supermarket chain Daiei Inc. is to receive ¥520bn (US$3.86bn) from its three principal creditor banks, a ¥100bn from the initial rescue package. According to sources quoted in the Daily Yomiuri, UFJ Bank will provide half the total amount, with Sumitomo Mitsui Banking Corp. and Fuji Bank providing the remainder. The cash does not come strings-free. In return, Daiei is expected to close more of its loss making divisions and outlets. It will now close 70 stores instead of the 50 initially agreed.
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