Japanese retailer Daiei has given into pressure from its creditors by opting to request help from the state-backed Industrial Revitalisation Corporation of Japan.
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However, the IRCJ has not yet agreed to help Daiei, after the retailer missed a deadline for asking for the IRCJ’s assistance. The restructuring agency has said it will first have to complete due diligence on Daiei’s assets, reported the Financial Times.
Earlier this week it appeared that Daiei was going to decide against IRCJ assistance, and would choose instead to look for support from the private sector, for example from retailers such as Wal-Mart.
If the IRCJ does decide to help Daiei, the decision would not close the door on Wal-Mart as the IRCJ is likely to choose a sponsor from the private sector to help with the restructuring.
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