Japan’s Nippon Meat Packers has announced it has decided to take full control of troubled seafood trader Hoko Fishing.

The meat processing company is to acquire all 60 million new shares, worth ¥3bn (US$25.7m), to be issued by Hoko Fishing, which filed for court protection from creditors in April 2002 under the Corporate Rehabilitation Law.

Nippon Meat Packers is supporting the restructuring of Hoko Fishing and has taken over some of the firm’s businesses, including seafood processing and frozen food.

Hoko Fishing plans to issue the new shares, following court approval of its proposed rehabilitation programme, at a 30 June meeting, reported Jiji Press.