Kumagai Gumi wins informal OK from banks

Kumagai Gumi wins informal OK from banks

TOKYO, Japan - Kazutoshi Torigai, president of troubled construction firm Kumagai Gumi Co., tells a press conference in Tokyo on Dec. 28 that the company's creditor banks have informally approved a revision to its restructuring plan. Under the new plan, Kumagai Gumi will ask its 15 creditor banks to forgive 430 billion yen in loans, down from the 450 billion yen it had previously requested.

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