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Impact of Retraction of Sogo's Debt Forgiveness Scheme on Japanese Banks Jul 00 Product Image

Impact of Retraction of Sogo's Debt Forgiveness Scheme on Japanese Banks Jul 00

  • Published: July 2000
  • Region: Japan
  • Standard & Poors

FEATURED COMPANIES

  • Aozora Bank Ltd.
  • Asahi Bank Ltd.
  • Chiba Bank Ltd.
  • Fuji Bank Ltd.
  • Norinchukin Bank
  • Sakura Bank Ltd.
  • MORE

Abstract
TOKYO (Standard & Poor's CreditWire) July 14, 2000--The retraction of the debt forgiveness package proposed to resuscitate the failed Sogo Co. Ltd., while increasing immediate losses for many lenders, will have a limited negative impact on the financial profiles of Japanese banks, Standard & Poor's said today. Sogo filed for court protection on July 12, 2000, in the face of growing public criticism of its original rehabilitation scheme. Although the reversal by Sogo will force lenders as a whole to recognize larger losses, most banks have already made sufficient loan loss reserves. In the long term, the retraction should reduce the risk of secondary losses for lenders which could have arisen under the original debt forgiveness scheme. Meanwhile, some smaller...

Companies mentioned in this report are:
- Fuji Bank Ltd.
- UFJ Bank Ltd.
- Norinchukin Bank
- Aozora Bank Ltd.
- Sumitomo Mitsui Trust Bank Ltd.
- Mitsubishi UFJ Trust and Banking Corp.
- Chiba Bank Ltd.
- Sakura Bank Ltd.
- Asahi Bank Ltd.
- Hiroshima Bank Ltd. (Unsolicited Ratings)
- UFJ Trust Bank Ltd.
- Chuo Mitsui Trust & Banking Co. Ltd.
- Shinsei Bank READ MORE >

- Fuji Bank Ltd.
- UFJ Bank Ltd.
- Norinchukin Bank
- Aozora Bank Ltd.
- Sumitomo Mitsui Trust Bank Ltd.
- Mitsubishi UFJ Trust and Banking Corp.
- Chiba Bank Ltd.
- Sakura Bank Ltd.
- Asahi Bank Ltd.
- Hiroshima Bank Ltd. (Unsolicited Ratings)
- UFJ Trust Bank Ltd.
- Chuo Mitsui Trust & Banking Co. Ltd.
- Shinsei Bank Ltd.

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