JAPAN: Daiei unwraps debt-for-equity swap deal
Beleaguered Japanese retailer Daiei has disclosed details of a debt-for-equity swap plan agreed with its three key lenders. The move will see UFJ Bank, Sumitomo Mitsui Banking Corp. and Mizuho Corporate Bank gain voting rights when they swap ¥220bn (US$1.9bn) in their combined loans for Daiei's preferred stock, reports the Kyodo News. The swap forms part of an ongoing restructuring programme Daiei agreed with creditor banks earlier this year.
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