March 30, 2010

ETIC To Provide Support To Senoh

The Enterprise Turnaround Initiative Corporation of Japan (ETIC), a government-backed corporate turnaround body, has announced it will provide support to Senoh Corporation, a specialized manufacturer and seller of gymnastics equipments.

Senoh was established in 1946 and has been well known as a top supplier for competitive indoor sports. But Senoh, as a diversification of a business portfolio, started to develop a construction and installation business without sufficient know-how or structure. This business brought Senoh into the edge of bankruptcy with heavy debts as well as deficits. Senoh consulted with Resona bank, Senoh's main financing bank and agreed to turn to ETIC for restructuring. ETIC, which considered its support to Senoh as stimulating regional economies and contributing to the development of Japanese lifestyles and society, decided to support the indoor sports supplier.

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