Takefuji Files For Bankruptcy Amid Liquidity Crisis

Law360, New York (September 28, 2010, 5:09 PM EDT) -- Citing liabilities of more than 433.6 billion yen ($5.1 billion), Japanese consumer credit company Takefuji Corp. filed for bankruptcy protection Tuesday after struggling for months with its lack of liquidity.

Takefuji, which filed for bankruptcy protection in the Tokyo District Court, said it intended to restructure its debt and seek sponsors to provide financial support. The company blamed its woes, in part, on the high number of consumers who have come forward seeking refunds of excessive interest following an unfavorable 2006 Supreme Court of Japan decision....
To view the full article, register now.