Toyo Shutter request help from banks

TOKYO, Japan – Toyo Shutter Co. on Friday said it will ask for help from its bankers.

It is requesting 12.6 billion yen ($98.7 million) in financial aid from its six lenders.

Besides asking for some debt to be switched into stock, it is also requesting Dai-Ichi Kangyo Bank to forgive 7 billion yen in loans.

It is asking its other lenders to forgive 4.6 billion yen in loans. They are: UFJ Bank, Industrial Bank of Japan, Sumitomo Mitsui Banking Corp., Daiwa Bank and Sumitomo Trust & Banking Co.

The company is looking to shed its capital deficit of 880 million yen by March 2003, according to the Nikkei news Web site.

The business daily stated in a report that Toyo Shutter President Akira Uehara and senior vice president Kunihiko Maeda will probably resign in the 2002 business year, being succeeded by Dai-Ichi Kangyo Bank executives.

The Osaka-based company makes all kinds of window shutters and related materials.

Investors were buoyed by the news. Toyo Shutter stock rose 6.1 percent to close at 52 yen in Tokyo trade.

Dai-Ichi Kangyo is part of Mizuho Holdings, the world's biggest bank group by assets. Mizuho stock closed up 7.4 percent at 319,000 yen.

It led the way on a day the Nikkei rose 2.04 percent to close at 11,885.79.