Bankrupt second-tier general contractor Aoki Corp. said Wednesday it has persuaded midsize general contractors Takamatsu Corp. and Komatsu Construction Co. to sponsor its court-led rehabilitation plan.
Aoki, which filed for court protection from creditors on Dec. 6 under the fast-track Civil Corporate Revival Law with group liabilities of 522 billion yen, also said it asked the Tokyo District Court for permission to eliminate 100 percent of its shareholder capital.
In a joint statement, Aoki, Takamatsu and Komatsu Construction said they "reached an agreement in principle today on the rehabilitation support . . . after negotiations based on requests for aid cooperation from Asahi Bank," which serves as the main lender for all three firms.