Takefuji eyes bankruptcy as it becomes the biggest Japanese lender to collapse

first_img KCS-content whatsapp Share JAPAN’S Takefuji Corp is preparing to file for bankruptcy with $5.2bn (£3.2bn) in debts, making it the biggest consumer lender to fail under the weight of court-ordered interest repayments and tighter lending rules.Takefuji, which has been considered at risk for failure because it doesn’t have the financial backing of any of Japan’s big banks, is making final preparations to file for bankruptcy protection.Once Japan’s largest moneylender, Takefuji said it had not decided to file for bankruptcy, but would not comment on whether it was considering such a move. “It is untrue that we made such a decision as some media have reported,” it said in a statement.Shares of Takefuji closed untraded yesterday due to a glut of sell orders. Trading in the stock had been suspended by the Tokyo bourse for most of the day due the news.Analysts have said this highlights a major risk to the industry. A Japanese court in 2006 ruled the lenders had charged too much in interest and ordered them to repay borrowers. Monday 27 September 2010 7:49 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comcenter_img whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.com Tags: NULL Takefuji eyes bankruptcy as it becomes the biggest Japanese lender to collapse Show Comments ▼last_img read more

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