Tokyo, Aug 22: Japan's long-running economic and banking woes caught a fresh corporate victim, as a medium-sized trader filed for bankruptcy, the fourth listed company to go bust this year.Okura & Co Ltd which mainly handles steel and machinery products, said it made the bankruptcy filing with a total of 257.7 billion yen ($1.80 billion) in debts.
Japan's high number of corporate bankruptcies, which rose to record levels last year, are seen worsening further, given domestic economic woes and the fragile banking sector which has becoming increasingly reluctant to make fresh loans.
The growing worries are also taking a human toll. Two brothers troubled by poor finances at their sheet metal firm committed double suicide on Thursday, the day their accounts were due to be settled.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
Printer-friendly page
