Economy, Trade and Industry Minister Shoichi Nakagawa on Tuesday urged Kanebo Ltd., which will be rehabilitated by the government-backed Industrial Revitalization Corp. of Japan, to stand on its own as soon as possible.
"I want the top management of Kanebo to understand it is necessary for the company to be independent soon," Nakagawa said at a news conference.
At the same time, he said his ministry will provide financial and legal support to the struggling textile maker on condition Kanebo does its utmost to ensure its own survival.
Financial Services Minister Heizo Takenaka told a separate news conference he expects Kanebo's creditor banks to cooperate in the rehabilitation process by forgiving loan claims.
"Rescuing a company with a presence in society like Kanebo will benefit banks as well as Japan as a whole," although the creditor banks will have to share the pain, Takenaka said.