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Japan’s new standard in electing sponsors for corporate restructurings

NO&T Japan Legal Update

Author
Yutaka Kuroda, Yosuke Kanegae (co-author)
Publisher
Nagashima Ohno & Tsunematsu
Journal /
Book
NO&T Japan Legal Update No.6 (August, 2016)
Reference
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*Please note that this newsletter is for informational purposes only and does not constitute legal advice. In addition, it is based on information as of its date of publication and does not reflect information after such date. In particular, please also note that preliminary reports in this newsletter may differ from current interpretations and practice depending on the nature of the report.

I. Restructuring Practices in Japan
As with restructuring in many other jurisdictions, it is common practice in Japan to elect a sponsor to provide finance to a failing business to assist with its rehabilitation. In many insolvency cases, the election of a sponsor is essential for a successful restructuring.
If a debtor must eventually commence an in-court restructuring procedure, the fairness and appropriateness of the election of the sponsor will be examined by the court. Questions surrounding the election of a sponsor may arise in the following common scenarios when:

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