Major construction firm Hazama Corp., in an attempt to convince major creditors to forgive some of its debts of 420 billion yen, is seeking tieups with other contractors, among them Niigata-based Fukuda Corp., industry sources said Tuesday.
The two companies are negotiating the specifics of the alliance, which Hazama hopes will save it from liquidation. The alliance, if realized, is likely to prompt creditor banks to fulfill Hazama's debt-waiver requests.
The sources said Dai-Ichi Kangyo Bank and Mitsubishi Trust & Banking Corp., two of Hazama's major creditors, are backing the deal.