ETIC To Invest In Troubled Mold Maker

ARRK Co., a listed holding company of DIE & Mold Engineering Co. Ltd., announced that Enterprise Turnaround Initiative Corp of Japan (ETIC), underwrote 150,000,000 common shares issed by ARRK for 9 billion yen. ETIC will be the largest shareholder. As Mizuho Bank and the Bank of Tokyo-Mitsubishi UFJ accepted the debt-equity swap, ARRK will reduce its debt by 20 billion yen. The company, once an aggressive buyer of its competitors, became financially troubled with the decreasing sales and is now under a restructuring process.