Lixil unit files for insolvency less than 18 months after PE exit
Japanese bathroom fitting company Lixil is set to lose at least JPY41 billion ($337 million) after its German-listed Chinese subsidiary, Joyou AG, filed for bankruptcy. Lixil acquired the business after it bought German faucet maker Grohe from TPG Capital in late 2013.
In a disclosure, Joyou said it had started insolvency proceedings after writing off $300 million in guarantees given to creditors of a subsidiary, Joyou Hong Kong, which is a holding company for eight...
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