Cosmos Initia Secures JPY 11 billion Bridge Loan

Further to our article on May 7 regarding Cosmos Initia Co. (8844), it was reported today that the condominium marketer secured 11 billion yen (USD 115 million) in bridge loans from Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp., Mizuho Corporate Bank and Sumitomo Trust & Banking Co. The financing was approved by lenders who attended the first meeting of debtors-in-possession on April 28. Cosmos Initial is Unison Capital's portfolio company and is pursuing reorganization under an alternative dispute resolution mechanism.