Junko's Feed
May 19, 2011

Moody’s: may review Tepco ratings if comp laws not passed

TOKYO, May 19 (Reuters) – Moody’s Investors Service said it
may review the credit ratings of Tokyo Electric Power if Japan
fails to pass laws in the current parliamentary session on a
scheme to help the utility handle compensation payments related
to its crippled nuclear plant.

Such a move would see Moody’s view on debt from Tokyo
Electric , one of the most active bond issuers in Japan,
shifting to junk status.

May 6, 2011

Takefuji selling property to help repay debt-administrator

TOKYO, May 6 (Reuters) – Failed Japanese consumer lender
Takefuji, soon to be taken over by Seoul-based A&P Financial,
will sell its headquarters and other real estate as it tries to
repay debt of 1.5 trillion yen ($18 billion), its court
appointed administrator said on Friday.

Takefuji, which failed in September after being hit by a
court order to repay customers overcharged interest, is planning
to draw up restructuring plans by July, the company’s
court-appointed administrator Eiichi Obata told a news
conference.

Apr 28, 2011

Takefuji names buyer while Japan consumer lenders suffer massive losses

TOKYO, April 28 (Reuters) – Korean consumer lender A&P
Financial will start turning around business at failed Japanese
peer Takefuji Corp at a time when Japan’s three biggest consumer
lenders are warning of combined losses of about $4 billion,
squeezed by a government order to repay overcharged interest to
customers.

Takefuji said on Thursday that A&P Financial has agreed to
buy it. The price was not disclosed.

Apr 25, 2011

Mori Trust: may eventually sell Parco stake to Aeon

TOKYO (Reuters) – Mori Trust will hold on to its 33 percent stake in fashion retailer Parco Co (8251.T: Quote, Profile, Research, Stock Buzz) for at least a year but may eventually sell it to Aeon Co (8267.T: Quote, Profile, Research, Stock Buzz), the head of the Japanese property developer said.

Mori Trust has been pressuring Parco to boost its earnings and recently joined hands with Aeon, Japan’s second-largest retailing group, to oust Parco’s top management, marking a rare victory for a shareholder activist in Japan.

Apr 15, 2011

Morgan Stanley fund fails to repay debt on Tokyo property

TOKYO (Reuters) – A Morgan Stanley property fund failed to make $3.3 billion in debt payments by a deadline on Friday, handing over the keys to a central Tokyo office building to Blackstone (BX.N: Quote, Profile, Research, Stock Buzz) and other investors, the largest repayment failure of its kind in Japan.

It marks the latest fallout from a series of highly leveraged investments by Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz), one of the most aggressive investors in worldwide property markets before the global financial crisis.

Apr 15, 2011

M.Stanley fund fails to repay $3.3 bln debt on Tokyo property-sources

TOKYO (Reuters) – A Morgan Stanley property fund failed to make $3.3 billion in debt payments by a deadline on Friday, handing over the keys to a central Tokyo office building to Blackstone and other investors, sources said on Friday.

The repayment failure is the largest of its kind in Japan and marks the latest fallout from a series of highly leveraged investments by Morgan Stanley, one of the most aggressive investors in worldwide property markets before the global financial crisis.

Apr 15, 2011

Morgan Stanley fund fails to repay $3.3 bln debt on Tokyo property

By Junko Fujita

TOKYO, April 15(Reuters) – A Morgan Stanley property fund
failed to make $3.3 billion in debt payments by a deadline on
Friday, handing over the keys to a central Tokyo office building
to Blackstone and other investors, the largest repayment
failure of its kind in Japan.

It marks the latest fallout from a series of highly
leveraged investments by Morgan Stanley , one of the most
aggressive investors in worldwide property markets before the
global financial crisis.

Apr 15, 2011

Japan eyes state-backed insurer to save TEPCO -Nikkei

TOKYO, April 15 (Reuters) – Japan may set up a
government-backed insurance fund to put money into Tokyo
Electric Power and pay compensation stemming from the
disaster at its Fukushima Daiichi nuclear plant, the Nikkei
newspaper reported.

The plan is aimed at saving Tokyo Electric from collapse by
having the state initially shoulder the massive compensation
costs, which the power company will repay over several years via
special dividends, the paper said.

Apr 11, 2011

Korean lender A&P Financial gains right to buy Takefuji

TOKYO, April 11 (Reuters) – Korean consumer lender A&P
Financial has won the right to buy failed Japanese consumer
lender Takefuji Corp, beating out rivals including Cerberus and
TPG Capital.

Seoul-based A&P Financial will start negotiations with
Takefuji’s court-appointed trustee to buy Takefuji, and both
parties aim to reach an agreement by the end of this month,
Takefuji said on Monday in a statement on its website.

Mar 31, 2011

Goldman backs J Trust in bid for Takefuji-sources

TOKYO, March 31 (Reuters) – Goldman Sachs will
provide financing to J Trust Co for its bid for failed
Japanese consumer lender Takefuji Corp, sources said, signalling
the investment bank’s renewed interest in distressed assets in
Japan.

Takefuji has been looking for an investor to keep it in
business after failing in September with about $5 billion in
debts, crippled by a 2006 legal ruling forcing it and other
consumer lenders to repay past interest and a new cap on lending
rates.