Cerberus Disputes Seibu's Claims About Cost-Cutting Plans

Law360, New York (March 27, 2013, 4:18 PM EDT) -- A senior Japanese executive for Cerberus Capital Management LP said Wednesday that it had not raised specific proposals for Seibu Holdings Inc. to eliminate railways lines or sell its baseball team, a day after Seibu came out against Cerberus' plan to increase its stake in the hospitality firm.

At a press conference in Tokyo, Cerberus Japan KK President Yoshiteru Suzuki said that the U.S. private equity giant raised potential cost-cutting measures as ideas for Seibu to consider, rather than as formal proposals. Cerberus' intent "was not...
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