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Hankyu ready to put 2-3 bil. yen into failed Dai-Ichi Hotel.

OSAKA, June 29 Kyodo

Osaka-based railway operator Hankyu Corp. is ready to put 2 to 3 billion yen into the failed Dai-Ichi Hotel Ltd. if it is chosen as a sponsor for the hotel operator, a senior Hankyu official said Thursday.

Speaking at Hankyu's general shareholders' meeting, Hankyu Director Michio Yasuda said the company is also willing to provide Dai-Ichi Hotel with 400-500 million yen in operating capital.

Dai-Ichi Hotel last month filed with the Tokyo District Court for protection from creditors under the Corporate Rehabilitation Law with liabilities of 115.2 billion yen.

Hankyu, Dai-Ichi Hotel's second largest shareholder following Shinsei Bank, formerly the Long-Term Credit Bank of Japan (LTCB), is one of the companies that have offered to help Dai-Ichi Hotel Ltd. rebuild itself.

Such firms also include U.S. investment company Ripplewood Holdings LLC, which acquired the management rights of Shinsei Bank in March.
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Publication:Japan Weekly Monitor
Date:Jul 3, 2000
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