JAPAN: Mycal mulls switch to Corporate Rehabilitation Law restructure

Beleaguered supermarket operator Mycal Corp is mulling a change of strategy with a move to restructure under the Corporate Rehabilitation Law, according to Japanese newspaper Asahi Shimbun . The failed retailer is currently proceeding under the Civil Rehabilitation Law, but conflicts of interests are hindering talks between Mycal and sponsor candidates.

November 2, 2001

Beleaguered supermarket operator Mycal Corp is mulling a change of strategy with a move to restructure under the Corporate Rehabilitation Law, according to Japanese newspaper Asahi Shimbun.

The failed retailer is currently proceeding under the Civil Rehabilitation Law, but conflicts of interests are hindering talks between Mycal and sponsor candidates.

Mycal believes that a change of tack to the Corporate Rehabilitation Law could give a court-appointed administrator a stronger say in settling those disputes.