Filing of the Commencement of Corporate Reorg.


 

TIDMTAK 
 
RNS Number : 5762T 
Takefuji Corporation 
30 September 2010 
 

Following replaces Filing of the Commencement of Corporate Reorganization 
Procedures (FAQ) released 9:56am on September 29,2010 RNS No.4967T 
 
 
                                  Draft for HP 
 
                              Takefuji Corporation 
    Filing of the Commencement of Corporate Reorganization Procedures (FAQ) 
 
On September 28, 2010, Takefuji Corporation ("the Company") filed a petition for 
commencement of corporate reorganization procedures under Japanese Corporate 
Reorganization Act (the "Reorganization Act"). In this connection, we have 
prepared a summary of our comments for Frequently Asked Questions, "FAQ", or all 
persons concerned. 
You can also contact us through e-mail in below: 
 ir_info@takefuji.co.jp 
 
 
1.  General 
Q1.  What is the corporate reorganization? 
 
A1.  The corporate reorganization is a statutory proceeding to rebuild a debtor 
company which faces financial difficulties.  Upon issuance of an order for 
commencement of corporate reorganization procedures, the court appoints a 
trustee.  The trustee manages a debtor's business and administers debtor's 
assets under supervision by the court. 
 
Q2.  Schedule of the reorganization procedures? 
 
A2. 
+-------------------------------+-------------------------------+ 
| Filing of a petition for      | September 28, 2010            | 
| commencement of               |                               | 
| reorganization procedures     |                               | 
+-------------------------------+-------------------------------+ 
| Court order for commencement  | Before mid November           | 
| of reorganization procedures  |                               | 
+-------------------------------+-------------------------------+ 
| Period for filing of a proof  | Within 4 months after the     | 
| of claims                     | court order for commencement  | 
|                               | of reorganization procedures  | 
+-------------------------------+-------------------------------+ 
| Submission of a plan of       | Around summer 2011            | 
| reorganization                |                               | 
+-------------------------------+-------------------------------+ 
| Period during which creditors | About 2 - 3 months after the  | 
| vote on the plan of           | submission of the plan of     | 
| reorganization                | reorganization                | 
+-------------------------------+-------------------------------+ 
| Confirmation of the plan of   | Promptly after creditors'     | 
| reorganization by the court   | approval for the plan of      | 
|                               | reorganization                | 
+-------------------------------+-------------------------------+ 
 
Please note that the above schedule is only as a guide.  The Tokyo District 
Court will set the schedule upon issuance of the order for commencement of the 
reorganization procedures. 
 
2.   Creditors 
Q1.  How much payment can creditors receive? 
 
A1.  In order for creditors to receive payment under the reorganization 
procedures, creditors need to file a proof of claims.  If creditors failed to 
file proofs of claims by a bar date set by the court, they are not entitled to 
vote on a reorganization plan or receive payment in accordance with the 
reorganization plan.  The payment rate and the timing of the payment will be 
provided in the plan of reorganization.  Please note, however, that the payment 
rate or the timing of payment is not determined at all at this time. 
 
Q2.  Does the Company plan to hold any creditors' meeting? 
 
A2.  The Company plans to hold a creditors' meeting to explain the overview of 
the reorganization procedures, current status of the Company and future 
prospects.  The time and place of the meetings are as described below: 
 
Osaka 
1. Date: October 5, 2010  1:30 PM to 3:00 PM (Open 1:00 PM) 
2. Place: L Osaka 
?540-0031  3-14, Kitahama-Higashi, Chuo-ku, Osaka 
 
Tokyo 
1. Date: October 6, 2010  1:30 PM to 3:00PM (Open 1:00 PM) 
2. Place: Nihon Seinen Kan 
?160-0013  7-1, Kasumigaoka-cho, Shinjuku-ku, Tokyo 
 
3.  Shareholders 
Q1.  How will shares in the Company (the "Shares") be treated under the 
reorganization procedures? 
 
A1.  It is not determined yet and will be determined by a plan of 
reorganization.  In almost all the other recent corporate reorganization cases, 
reorganized companies acquired from shareholders all of its outstanding shares 
for free and cancelled them under the plan of reorganization. 
 
Q2.  Can the Shares be traded on the Tokyo Stock Exchange?  Will the listing of 
the Shares on the Tokyo Stock Exchange be maintained? 
 
A2.  The Tokyo Stock Exchange designated the Shares as "Securities to be 
Delisted" (Seiri Meigara).  But the Shares can be traded on the Tokyo Stock 
Exchange before they are actually delisted.  According to the Tokyo Stock 
Exchange, the Shares will be delisted on October 29, 2010.  Please visit a 
website of the Tokyo Stock Exchange for the delisting. 
 
Q3.  Is a shareholder required to file a proof of claims? 
 
A3.  A shareholder does not have to file a proof of claims. 
 
 
Q4.  Will the listing of the Shares on the London Stock Exchange be maintained? 
 
A4.  The listing on the London Stock Exchange will be handled in accordance with 
rules and regulations of the London Stock Exchange.  Please ask the London Stock 
Exchange for details. 
 
Q5.  Does a shareholder have voting right under the reorganization procedures? 
 
A5.  If the Company's net worth is found to be negative, a shareholder cannot 
exercise voting right under the reorganization procedures. 
 
Q6.  Can shareholders attend creditors' meeting? 
 
A6.  Shareholders as well as creditors can attend the creditors' meeting. 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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