The procedure is set out in the Act on Special Measures for Revitalization of Industrial Vitality and Innovation of Industrial Activities" - the turnaround ADR procedure.

The application has been accepted by the Japanese Association of Turnaround Professionals - a private operator certified by the Ministry of Justice and the Ministry of Economy, Trade and Industry and provides services for the Turnaround ADR Procedure.

The group also requested relevant creditor financial institutions to support our revitalization.

It said the procedure was mainly with regard to certain creditor financial institutions and did not affect other creditors and ordinary suppliers and customers.

Story provided by Business Financial Newswire