Kyodo News Agency reports that Interlease (which has 800 billion Yen in Liabilities) is about to file for Bankruptcy but Nippon Shinpan Denies Leasing Affiliate Bankruptcy-Report

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Kyodo News Agency reports that Interlease (which has 800 billion Yen in Liabilities) is about to file for Bankruptcy but Nippon Shinpan Denies Leasing Affiliate Bankruptcy-Report

TOKYO (Dow Jones)--Nippon Shinpan Co. (J.NPN or 8583) Thursday denied a local media report stating that its leasing affiliate Interlease K.K. will soon file for bankruptcy with the Tokyo District Court with liabilities totaling around Y800 billion.

Kyodo News Agency reported that Interlease has decided to abandon its restructuring efforts and that the company plans to hold an extraordinary board of director's meeting early next week to officially approve the bankruptcy filing.

"Interlease is operating normally. We haven't heard about this company's bankruptcy, though we are aware that it's having difficulties," said a Nippon Shinpan spokesman, adding that Nippon Shinpan currently holds around an 8% stake in Interlease.

A spokesman at Interlease also denied the local media report, saying that "business is normal," although he confirmed that the company has liabilities of close to Y800 billion.

Interlease reportedly has been undergoing restructuring as its leasing business operations were hurt by the increase in non-performing loans after the collapse of Japan's "bubble economy."

http://asia.biz.yahoo.com/news/asian_markets/dowjones/article.html?s=asiafinance/news/001012/asian_markets/dowjones/Nippon_Shinpan_Denies_Leasing_Affiliate_Bankruptcy-Report.html

-- Carl Jenkins (Somewherepress@aol.com), October 13, 2000


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