Struggling truck maker Nissan Diesel Motor Co. announced Tuesday a new restructuring plan that calls on Nissan Motor Co. and its three main banks to provide a 106 billion yen bailout.
Nissan Diesel President Iwao Nakamura said the main banks -- Mizuho Corporate Bank, Resona Bank and Mizuho Trust and Banking Co. -- agreed to swap debts worth 90 billion yen for Nissan Diesel preferred shares.
Nissan Motor -- one of Nissan Diesel's equal-largest shareholders, with a 22.5 percent stake -- agreed to forgive 16 billion yen in debts in return for its preferred shares, he said.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.