Kumagai Gumi Co. unveiled a restructuring plan Monday under which the debt-ridden construction firm will ask 15 creditors to forgive debts totaling 450 billion yen.
The plan, which covers fiscal 2000 through 2012, also calls for 2,000 jobs to be abolished in three years, reducing the total workforce to 4,600 by March 2003.
The midsize general contractor will reduce its capital from the current 82 billion yen to 17 billion yen after seeking approval at its shareholders' meeting in January.