Limping retailer Daiei Inc. announced Friday the outline of a new three-year restructuring plan that includes cutting 6,000 jobs, closing 50 unprofitable stores and asking its main banks for a 420 billion yen bailout.
Daiei President Kunio Takagi said the three creditors -- UFJ Holdings Inc., Sumitomo Mitsui Banking Corp. and Fuji Bank -- agreed to retire 120 billion yen in preferred shares that were purchased in 2001, swap outstanding loans for equity and waive still more loans.
The debt swap and debt forgiveness will erase 300 billion yen in loans.