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Mix-Ansicht- Japan: Bauwirtschaft - Eugippius, 04.03.2002, 18:44
Japan: Bauwirtschaft
JAPAN: Ailing Fujita joins construction group
Ailing contractor Fujita Corp. has opted to join a holding-company group to be set up as early as April by Mitsui Construction and Sumitomo Construction. Fujita will split its relatively healthy construction operations and unprofitable real estate operations into two companies. The construction company will integrate with the Mitsui-Sumitomo group. The integration was prompted by Japanese authorities eagerness to impress domestic and foreign observers that they are serious about cleaning up bad debts. To prevent Fujita’s inclusion from hurting the group’s financial condition, Sumitomo Mitsui Banking Corp., the main lender for the three partners, will provide financial assistance to Fujita to make up for the losses expected from the selling off of non-performing assets. The bank will also consider forgiving Fujita’s $6.6bil. debts.
JAPAN: Construction company files for bankruptcy
Multinational construction firm Sato Kogyo has filed for bankruptcy protection after its main creditor banks refused to further extend the company's credit. Japanese prime minister Junichiro Koizumi has implemented a policy designed to prevent Japan's banks from issuing credit to prop up ailing businesses, and this latest development signals that this is now beginning to take effect. The company has built many roads and bridges that were not in fact necessary under previous 'friendly' contracts issued by the government.
JAPAN: Komatsu increases loss forecast
Komatsu has increased its group loss forecast for the year ending March 2002 by 75% to $598mil. due to a drop in orders for public works. The company will close its silicon producing unit in Washington state and write down $118mil. in assets this month.
<ul> ~ Quelle</ul>
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