SMBC to give 20 bil. yen capital to Mitsui Mining.
Japan Weekly Monitor, October, 2003
TOKYO, Oct. 18 Kyodo
Sumitomo Mitsui Banking Corp. (SMBC) has decided to funnel capital of up to 20 billion yen into the capital base of struggling natural resources firm Mitsui Mining Co. to pave the way for the state-backed Industrial Revitalization Corp. of Japan (IRCJ) to bail out the firm, sources close to the bank said Friday.
In line with the planned recapitalization, the mining company will shut down some unprofitable business divisions, while eliminating more jobs from its workforce, the sources said.
The company is expected to rack up additional losses in connection with its troubled business division related to the environment protection business, they said.
The planned recapitalization is designed to prevent the...
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