J Will Partners, a investment fund, plans to sponsor Morimoto Co Ltd., a bankrupt condominium developer, by injecting about $3 million in capital. Morimoto Co Ltd. filed for bankruptcy last November with roughly $1.68 billion in liabilities. The Development Bank of Japan is providing $30 million in debtor-in-posession financing. J Will Partners is one of a few investment funds with expertise in turnaround as well as real estate.
As the real estate market has stabilized in accordance with the equity market, some aggressive players have started to bottom-fish in the property market.
June 26, 2009
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