Free NewsletterDaito Gyorui Posts Extraordinary Loss Due to Doubtful Debt Collection
April 23, 2013 Tsukiji-based company Daito Gyorui (President Nobuyuki Aoki) received common shares of US company Umami as a pledge of collateral for long-term loans (2.33 billion yen) of seafood trader Atlantis (Tokyo; President Yuji Wakasa). However, it became known in the second quarter report presented to the U.S. Securities and Exchange Commission (SEC) by Umami that there was a going concern assumption. Facing a probability of not being able to collect the debts by selling the stocks of Umami, Daito Gyorui made an official announcement on April 22 that it might not be able to get repaid, at all.
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