Daiei Inc. will receive a total of 460 billion yen in financial assistance from three major creditor banks, up 40 billion yen from an initial plan, to promote a new three-year restructuring program, according to the final draft of the plan made available Saturday.
The troubled supermarket chain operator will also reduce capital affecting common shares from the initial 50 percent to 99 percent, and close around 60 unprofitable outlets, an increase from the previously projected 50, the draft said.
Daiei hopes the move will help the company return to profitability in the near future. The initial draft, announced Jan. 18, was harshly criticized by investors, who said the restructuring measures were not sufficient to solve the retailer's problems.