AVCJ

TPG, J-Trust near Takefuji takeover

  • Maya Ando
  • LinkedIn  
  • Google plus  
  • Save this article  

U.S. buyout firm TPG Capital and Japanese consumer lender J-Trust have emerged as the lead contenders to take over the collapsed Japanese consumer lender Takefuji Co., Dow Jones reported

. Others that are also said to be bidding are consumer lenders, including Cerberus Capital Management, Tokyo Star Bank and Korea's A&P Financial.

Attorney Eiichi Obata, who has been made Takefuji's court-appointed administrator over the sale, publicly said on Friday that the auction will take place March 22. The event was originally scheduled for March 10 but was rescheduled after bidders requested a later deadline.

Obata said that, while Takefuji claimed JPY75 billion ($910.6 million) in outstanding loans as of the end of October, that figure has since decreased, although exact amount was not disclosed. Upon the filing the bankruptcy, Takefuji set a January 28 deadline for its borrowers to file claims or lose the right to receive overpaid interests. Takefuji’s overall debt hit $5.1 billion before it has filed Chapter 11 in September of last year, prompted by the need to repay interests back to borrowers as ordered by the regulators.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Restructuring

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs