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Tuesday, January 11, 2011

Lender Takefuji's potential sponsor list narrows-Nikkei, (TAKAF)

Five candidates, including midsized domestic non-bank financial institutions and foreign investment funds, are being considered for the role of rehabilitation sponsor for failed consumer lender Takefuji Corp (TAKAF.PK), the Nikkei business daily reported. Candidates are to submit offer prices and final business plans by end February and the sponsor is expected to be finalized in March, the paper added. The five candidates have been selected from 14 in the first round of bidding in December through an examination of their submitted business plans, the business paper said. Takefuji had filed for bankruptcy on Sept. 28 last year with $5.1 billion in debt, making it the biggest Japanese consumer lender to fail under the weight of court-ordered interest repayments and tighter lending rules. [ID:nTOE68Q083]