Struggling condominium developer Haseko Corp. unveiled a sweeping restructuring plan Thursday, calling for 150 billion yen in financial support from major creditor banks and a 10 percent cut in personnel expenses in three years.
The restructuring package, its second in three years, also aims to more than halve in three years the 540 billion yen in interest-bearing debts the Haseko group has accrued since the downfall of the asset-inflated bubble economy in the early 1990s.
The three major creditors -- Daiwa Bank, Chuo Mitsui Trust & Banking Corp. and the Industrial Bank of Japan -- said they will consider financial help after seeing details of Haseko's request.