Seibu Group in Capital Tie-Up With Cerberus, Nikko Principal
Posted on: Tuesday, 18 October 2005, 12:00 CDT
By Kyodo News International, Tokyo
Oct. 18--TOKYO -- Seibu Railway Co. said Tuesday it has chosen U.S. investment fund Cerberus Group and Nikko Principal Investments Japan Ltd. as the main providers of fresh capital for Kokudo Corp., the core firm of the Seibu Railway group.
Kokudo plans to boost its current capital base of 104 million yen by up to 160 billion yen in order to weaken the founding family's influence over the group, including that of its former chairman, Yoshiaki Tsutsumi, the business tycoon who was arrested in March on suspicion of being involved in systematic falsification of financial statements.
The Seibu Railway group is restructuring unprofitable operations as part of the business realignment that has become necessary as a result of the scandal.
Cerberus has undertaken investments for corporate rehabilitation of Aozora Bank and Kokusai Kogyo Co., a bus, taxi and hotel operator.
The investment fund has hotel chains under its wings and is expected to provide know-how to help Seibu's hotel management, a field regarded by analysts as a key to revamping the scandal-tainted group.
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Source: Kyodo News International, Tokyo
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