February 23, 2010

30 Financial Institutions Holds Willcom Claims

As reported, PHS (personal handyphone system) service provider Willcom, which filed for bankruptcy protection with the Tokyo District Court on Thursday, aims to rebuild itself with help from the Enterprise Turnaround Initiative Corp. of Japan. A total of 30 financial institutions hold a combined 99.5 billion yen in unsecured claims such as loans to Willcom., with the four largest lenders accounting for nearly 70% of the total. Mitsubishi UFJ Financial Group Inc., a unit of the Bank of Tokyo-Mitsubishi UFJ, holds the largest amount at 23.6 billion yen. Mizuho Financial Group Inc., Norinchukin Bank and Mitsubuishi UFJ Trust and Banking Corp. each hold claims topping 10 billion yen. They will be asked to grant waivers for as much as 80%.

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