Mizuho Financial Group, Inc. (MHFG) hereby gives notice that Mizuho Corporate, Ltd, a subsidiary of MHFG has submitted an application for support of business revitalization with respect to The Daiei Inc. and its 11 group companies (Daiei group) under the joint names of UFJ Bank Limited, Sumitomo Mitsui Banking Corporation, and Daiei group to the Industrial Revitalization Corporation of Japan (IRCJ) under Article 22 of the Industrial Revitalization Corporation Act and have received approval for the support from IRCJ today. Mizuho Corporate, Ltd plans to extend the following financial support to Daiei group on the condition that other financial institutions shall agree to their business revitalization plan.
1. Outline of the Company
2. Details of Financial Support (planned)
3. Effect on the Profits / Losses of MHFG
As the full amount of the above debt forgiveness and redemption of preferred shares has been covered by reserves and other provisions, this decision will have no effect on MHFG's previously announced earnings estimates for this fiscal year.