Incubator Bank is currently undergoing Civil Rehabilitation Law
proceedings, and DIC, which is acting as the bank's government-appointed administrator, will likely begin a selection of sponsors later this month.
29 with the Sapporo District Court under the civil rehabilitation law
said Wednesday its affiliated golf course operator, Sanyo Sky Resort, filed for court protection from creditors under the Civil Rehabilitation Law
, effectively going under with debts of 11.6 billion yen.
The government is actively promoting revitalization, with the earlier passage of a Civil Rehabilitation Law
, the Industrial Revitalization Corporation of Japan (IRCJ) with a budget of JPY10 trillion for revitalization companies, METI's revitalization program, and the Development Bank of Japan's investing in private sector buyout funds.
The builder emerged from the Civil Rehabilitation Law
program in June, allowing president Nakajo to adopt a new and somewhat more aggressive business strategy.
The firm, listed on the Second Section of the Tokyo Stock Exchange, and its subsidiary filed for protection from creditors at the court May 29 under the Civil Rehabilitation Law
with a combined 3.2 billion yen debt.
Nine hundred seventeen companies filed for bankruptcy under the Civil Rehabilitation Law
. Additionally, 36 companies changed their filing to this from another procedure.
The Japanese airline - known as Air Do - filed for bankruptcy on 25 June 2002 under the Civil Rehabilitation Law
, which allows companies to file for court protection from creditors before they become insolvent.
On September 14, 2001, Mycal, Japan's fourth largest retailer and supermarket giant, shocked the country by announcing that it was filing for bankruptcy under the Civil Rehabilitation Law
The new civil rehabilitation law
has made court-based resolution much more accessible, and its use has indeed increased significantly since its enactment.
A Tokyo-based importer, which filed for bankruptcy protection under the civil rehabilitation law
in late November, signed a contract with a major bank to buy $50,000 per month at a fixed rate of about 99 yen to the dollar over five years from June 2004 when the dollar traded around 110 yen.
Marui Imai, established in 1872, filed the application with the Sapporo District Court for protection under the Civil Rehabilitation Law
and the court decided to start the rehabilitation process, the company said.