Showa Holdings announced that J Trust Asia Private Limited, a Singapore-based company, has filed a petition with the Tokyo District Court to commence reorganization proceedings under the Corporate Reorganization Act, and a provisional administration order has been issued. Total liabilities amount to 2.2 billion yen. The company stated it will consider its response to the filing.
J Trust Co., Ltd.J Trust Asia, a subsidiary of J Trust, filed for reorganization proceedings against Showa Holdings, which may imply financial or legal exposure for J Trust.