Seibu Railway Co. said Tuesday it has chosen U.S. investment fund Cerberus Group and Nikko Principal Investments Japan Ltd. as the main providers of fresh capital for the group, which is trying to turn itself around after a series of scandals.
The two will provide a large portion of a maximum 160 billion yen the Seibu group plans to raise by the end of the current fiscal year for its core firm, Kokudo Corp.
Officials said the group will use the money to revamp its core railway, hotels and leisure facilities operations.