Companies

Japanese Hotel Operator Unizo Files for Bankruptcy

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.