6 May 1999: Japan“s Sasaki Glass Co. Ltd. has filed for court protection from creditors, private credit research firm Teikoku Databank said recently.
Teikoku Databank said the company and six subsid…
6 May 1999: Japan“s Sasaki Glass Co. Ltd. has filed for court protection from creditors, private credit research firm Teikoku Databank said recently. Teikoku Databank said the company and six subsidiaries had debts totalling 46.65 billion yen. Tokyo-based Sasaki Glass, a major producer of glass tableware, had been burdened by failed investments in real estate and financial products, Teikoku said. A spokeswoman for the company later said it had filed for court-guided corporate rehabilitation under Japan“s bankruptcy laws. She said that company president Munekazu Sasaki would hold a news conference on the court filing. Sasaki Glass separately confirmed in a statement that it had total liabilities of 46.65 billion yen as of 28 February, including debts at six subsidiaries. Sasaki Glass is owned 4.99% each by Sakura Bank Ltd. and Asahi Mutual Life Insurance Co. and 3.1% by Bank of Tokyo-Mitsubishi Ltd.