TokyoTomo Travel Guide

Huis Ten Bosch Co., Ltd. filed with the Tokyo District Court on February 22 the “Revision to the proposed Corporate Reorganization Plan (Draft)” as per the basic agreement with HIS. Under the revised reorganization plan, it is stated that all of the present Huis Ten Bosch executives are all to step down in favor of the successors on the effective date on which the revised reorganization plan receives an approval from the Tokyo District Court and, thereby, Hideo Sawada, Chairman of HIS is to assume his duties as the new president of Huis Ten Bosch Co., Ltd. Two board members and a company auditor to be brought in with President Sawada will be appointed by the reorganization trustee subject to approval by the Tokyo District Court.

Under the reorganization plan, Huis Ten Bosch, a company under reorganization, is to acquire all of its 500,010 issued shares free of charge from Nomura Principal Finance Co., Ltd. which owns the said shares, and all of thus acquired shares will be cancelled on the effective date on which the new shares are to be issued. Subsequently, Huis Ten Bosch will issue 60,000 new shares worth three billion yen, intending to allocate them to four companies in business circles in Kyushu.

In addition, the remaining credit with a restricted security in the amount of approximately 5.2 billon yen will be deducted to 18 percent and Huis Ten Bosch, a company under reorganization, will receive the debt waiver for the remaining credit. Consequently, the debt of some 900 million yen will have to be paid off. The remaining general credit of 1 billion yen will be in principal deducted to 5 percent. The lease security deposit and the guarantee money will be separately dealt with, but the amount to be paid off is estimated to be approximately 100 million yen. In terms of the assets to be sold, 150 million yen will have to be paid to claimers of the credit with a restricted security. Huis Ten Bosch is required to pay off the total amount of 1.19 billion yen of these debts in a lump sum within 30 days from the effective date on which its reorganization plan is approved by the Tokyo District Court.

Source: Travel Vision

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