Takefuji inks reorganization sponsorship agreement with A&P Financial

By Caroline Salls

Pittsburgh, April 28 - Takefuji Corp. has entered into a reorganization sponsorship agreement with A&P Financial Co. Ltd., according to a news release.

Takefuji said it has not been providing new financing in light of its financial condition, so it looked for a sponsor with the financial resources to allow it to restart its loan business.

The company said this will help it prevent any further impairment to the value of its business and maximize funds for creditor payments.

The company said in February that it planned to submit its reorganization plan to the Tokyo District Court by July 15.

Takefuji is a Tokyo-based consumer finance company.

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