The rehabilitation of Daiei Inc. entered a new stage Tuesday after its three major creditor banks told the embattled retail giant to seek help from the Industrial Revitalization Corp. of Japan, according to sources.
The proposal by UFJ Bank, Sumitomo Mitsui Banking Corp. and Mizuho Corporate Bank was conveyed to Daiei by Yoshiaki Kawamata, a senior corporate officer of UFJ Bank, they said.
But Daiei President Kunio Takagi said the company, saddled with interest-bearing debts of more than 1 trillion yen, has no intention of seeking the IRCJ's assistance, the sources said.
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