Only several months ago, it had a celebrated occasion, hosting the meeting of foreign ministers from the Group of Eight major countries.
Seagaia, a gigantic resort facility in Miyazaki Prefecture, has been chronically ill, however, with its third-sector operator, Phenix Resort Ltd., under a snowballing debt burden.
As of the end of March, the firm held more than 120 billion yen in accumulated deficit, while outstanding loans came to 263.9 billion yen.
For the current fiscal year, the company expects 350 million yen in operating losses.