Struggling contractor Hazama Corp. released on Friday a three-year reconstruction plan under which it will split itself into two firms, while its president expressed a willingness to conduct management integration with other unspecified builders.
On Oct. 1, Hazama will divide itself into a construction company and a real estate company, to which it will transfer its nonperforming assets and a major part of interest-bearing debts, the firm said in a statement.
Hazama said it will cut its parent-only interest-bearing debts of 199.4 billion yen as of March 31, 2002, to 48.3 billion yen at the envisioned construction firm by Oct. 1.
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