This is to announce that a petition to commence civil rehabilitation proceedings has been filed with the Nagoya District Court today by Obara Kogyo Co., Ltd. ( "OBARA"), a subsidiary of Mitsui & Co., Ltd. ("MITSUI") engaged in the operation of Matsuna Country Club ("the Club)" with the following details:
1. Reason for the petition
OBARA has decided to file the petition to commence civil rehabilitation proceeding, because due of the repayment schedule is unlikely to be complied with rescheduled repayment plan under prolonged severe conditions for conducting golf membership business, followed the collapse of the Japanese bubble economy.
2. Total amount of liabilities (as of March 30, 2007):
7.2 billion yen
3. Description of OBARA.
|Location of the head office
||Nakamura-ku Nagoya City
|Type of business
||Operation of a golf club
|Amount of capital
||50 million yen
|Number of visitors
||35,849 (from April 05 to Mach 06)
|Number of Members
||734 (as of March 30, 2007)
||Mitsui & Co., Ltd. (60%)
Yahagi Construction Co., Ltd.(40%)
4. Historical business results (Unit: Million yen)
Please scroll horizontally to look at table below.
March 31, 2004
March 31, 2005
March 31, 2006
5. Description of the Club
||Toyota city, Aichi Prefecture, Japan
||18 holes, par 72
||6,752 yards in total
6. Future plan
Resort Trust Group ("the Group") was appointed by OBARA as sponsor for rehabilitation plan. Under initiative of the Group, the Club will be operated based on the plan.
Creditors' meeting is scheduled to be held on April 5, 2007 and details will be explained there.
7. Outline of Resort Trust Group
|Scope of Business
||Membership operation business, Restaurant and Hotel Management, Medical (diagnostic) Business,Golf Club Management
||Approxi. ¥83 billion (2006/Mar consolidated)
||Approxi. ¥209 billion (ditto)
|Paid up Capital
|Number of Employee
8. Influence on MITSUI's consolidated results
Since MITSUI recognized the losses on this transaction by the last term, we expect that the influence on the consolidated results will be insignificant.
For inquiry from owner of Matsuna Country Club
OBARA Telephone: 0565-(65)-3661
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
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