
A&P Financial wins court approval for Takefuji rehabilitation plan
Takefuji, a failed Japanese consumer lender, has finally received court approval for its rehabilitation plan. Korean firm A&P Financial, which beat the likes of Cerberus Capital Management, TPG and J Trust to win the bankruptcy administrator's backing, will take over the company.
A&P's involvement means Takefuji's lending business will continue and as much as 24% of its debts will be repaid. Earlier in the day, the court rejected a competing plan submitted by creditors of Takefuji,...
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