UFJ Bank and Misawa Homes Holdings Inc. are finishing preparations to seek help from the Industrial Revitalization Corp. of Japan to restructure the struggling home builder, sources close to the move said Saturday.
UFJ Bank and Misawa Homes, one of the bank's major corporate borrowers, have already consulted with the government-backed IRCJ, which then began conducting an asset assessment with plans to reach a decision within the year, the sources said.
But Misawa Homes released a statement denying the reported plans. Misawa Homes "has received no request from our main bank, UFJ Bank, over the Industrial Revitalization Corp. of Japan," the statement said.