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Yomiuri Shimbun file photo The Tokyo District Court in Chiyoda Ward, Tokyo
Jiji Press
9:00 JST, April 28, 2023
TOKYO (Jiji Press) — Japanese real estate firm and hotel operator Unizo Holdings Co. has filed for bankruptcy protection with Tokyo District Court under the civil rehabilitation law.
Unizo’s debts totaled about ¥126.2 billion, making it the largest bankruptcy in Japan this year, according to Teikoku Databank Ltd., a credit research firm.
The company is planning to rebuild itself with the help of Nippon Sangyo Suishin Kiko Ltd., a Japanese investment firm.
Unizo faced financing difficulties mainly due to the poor business performance of its hotel business amid the COVID-19 crisis, as well as the repayment of funds for an employee buyout program that took the company private in 2020.
