Dai-Ichi Katei Denki to start rehabilitation with court help.

TOKYO, April 19 Kyodo

Failed consumer electronics retailer Dai-Ichi Katei Denki Co. said Friday it has received approval from the Tokyo District Court to start rehabilitation procedures under the Civil Corporate Rehabilitation Law.

The Tokyo-based retailer said it will submit a restructuring plan to the court by July 17.

The company said two of its affiliates also received similar court approval to start rehabilitation procedures under the law.

On Tuesday, Dai-Ichi Katei Denki filed for court protection from creditors under the fast-track corporate rehabilitation law with liabilities of 33.9 billion yen.