Daiei: Difference between revisions
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'''The Daiei, Inc.''' is a large Supermarket chain based in [[Japan]]. Daiei was founded in 1957 in [[Osaka]] by Isao Nakauchi. Daiei, now based in [[Kobe, Hyogo|Kobe]] operates supermarkets, discount stores, department stores and speciality shops directly or via one of its subsidiaries. | |||
'''The Daiei, Inc.''' | |||
Daiei significantly expended and diversified during the 1980s via large loans. With the recession in Japan in the 1990s its situation gradually declined, and later in that decade it came close to bankruptcy, being unable to pay the massive debts. Daiei initiated several reorganisation, restoration and restructuring plans to improve its situation. When those failed, it applied on December 28, 2004 for assistance from the IRCJ (Industrial Revitalization Corporation of Japan), a quasi-governmental assets restructuring company which acts as bailout organisation for defaulting companies. | Daiei significantly expended and diversified during the 1980s via large loans. With the recession in Japan in the 1990s its situation gradually declined, and later in that decade it came close to bankruptcy, being unable to pay the massive debts. Daiei initiated several reorganisation, restoration and restructuring plans to improve its situation. When those failed, it applied on December 28, 2004 for assistance from the IRCJ (Industrial Revitalization Corporation of Japan), a quasi-governmental assets restructuring company which acts as bailout organisation for defaulting companies. | ||
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[[Category: CZ Live]] | [[Category: CZ Live]] | ||
Revision as of 08:03, 20 February 2007
The Daiei, Inc. is a large Supermarket chain based in Japan. Daiei was founded in 1957 in Osaka by Isao Nakauchi. Daiei, now based in Kobe operates supermarkets, discount stores, department stores and speciality shops directly or via one of its subsidiaries.
Daiei significantly expended and diversified during the 1980s via large loans. With the recession in Japan in the 1990s its situation gradually declined, and later in that decade it came close to bankruptcy, being unable to pay the massive debts. Daiei initiated several reorganisation, restoration and restructuring plans to improve its situation. When those failed, it applied on December 28, 2004 for assistance from the IRCJ (Industrial Revitalization Corporation of Japan), a quasi-governmental assets restructuring company which acts as bailout organisation for defaulting companies.
The IRCJ purchased most of Daiei's debt and forced a "business revitalisation plan," based on its standard procedures in such cases. This included the acquisition of Daiei by the IRCJ, and later on Marubeni Coporation, Advantage Partners and DRF Limited (private investors); Debt Restructuring, which included an agreement with IRCJ and its main debtors (the UFJ, Sumitomo Misui and Mizuho Corporate bank) to forgive close to 4 billion USD of its debt and eliminate a requirement to pay the principal on the rest to February 2008; adopting new accounting practices which acknowledged a truer evaluation of the value of assets; and the planned sale of about two thirds of Daiei's 1,800 stores. In July 2006 the IRCJ announced its intention to sell most of its equity to Marubeni.