Struggling supermarket operator Mycal is hoping to have its rehabilitation plan approved by the courts by the end of September.
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Mycal will hand over its rehabilitation plan to the Tokyo District Court at the end of June, and seek creditor consent thereafter.
Thirty percent of Mycal’s bonds need to be paid back to the individual investors who purchased them. The retailer plans to repay debts to these investors by the end of this year, subject to court approval of its plans.
Fellow retailer Aeon plans to take 100% ownership of Mycal this year.
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By GlobalData
