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, Reuters reported. Another plan, submitted by a group of creditors that included foreign investors, was rejected earlier this month. It was previously reported that creditors were trying to force the company into liquidation with a view to seeing a better recovery from their investment.
Takefuji has about JPY1.5 trillion ($18.6 billion) in debt, most of which is overcharged interest that must be repaid to customers - the product of a legal ruling imposed on all Japanese consumer lenders in 2006. It is also been claimed that Takefuji has about JPY93 billion in outstanding bonds, of which JPY50 billion is US-dollar denominated.
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