The Tokyo District Court has approved a restructuring plan by bankrupt supermarket operator Mycal Corp, the company said.
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Under the rehabilitation plan, Mycal is to receive a capital injection of ¥20bn (US$180m) from supermarket operator Aeon. Mycal will also have to consolidate its assets and liabilities by absorbing its eight affiliated companies, and pay off ¥200bn of an estimated ¥1.33trn in debt, reported Kyodo News.
Aeon president Motoya Okada said the new Aeon group, with the addition of Mycal, will have over a thousand outlets nationwide. Okada is to take over the position of chairman of the board at Mycal.
Mycal said it plans to open one or two new stores every year from fiscal 2006.
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