Company: Mizuho Financial Group, Inc.
Representative: President & Group CEO Masahiro Kihara
Head Office: 1-5-5 Otemachi, Chiyoda-ku, Tokyo
Stock Code: 8411 (Prime Market of Tokyo Stock Exchange)
Mizuho Financial Group, Inc. (“MHFG”) previously announced Possible Irrecoverability or Delayed Collection of Claims on May 31, 2022 as a timely disclosure (hereinafter referred to as the “Press Release dated May 31, 2022”). MHFG hereby updates and announces that the claims on Marelli Holdings Co., Ltd. and certain of its subsidiaries (hereinafter referred to as the “Company” and the “Companies”) held by Mizuho Bank, Ltd., a subsidiary of MHFG, may be delayed or become irrecoverable due to the developments described below.
1. Outline of the subsidiary of MHFG
|(1) Company Name:||Mizuho Bank, Ltd.|
|(2) Address:||1-5-5 Otemachi, Chiyoda-ku, Tokyo|
|(3) Representative:||Kato Masahiko, President & CEO|
|(4) Line of Business:||Banking|
|(5) Capital Stock:||1,404 billion yen|
2. Outline of the Company
|(1) Company Name:||Marelli Holdings Co., Ltd.|
|(2) Address:||2-1917 Nisshin-cho, Kita-ku, Saitama-city Saitama|
|(3) Representative:||Hiroshi Moriya, Representative Director
David John Slump, Representative Director
|(4) Line of Business:||Management of auto-parts manufacturing subsidiaries|
|(5) Capital Stock:||100 million yen|
|(6) Date of Foundation:||October 6, 2016|
3. Relevant Developments
On the Press Release dated May 31, 2022, MHFG announced that the Companies commenced proceedings for the Turnaround ADR* on March 1, 2022, and also that, at the creditors’ meeting held on May 31, 2022, the Companies presented the business revitalization plan to creditors, including Mizuho Bank, Ltd.. At the creditors’s meeting held on June 24, 2022 in the course of the Turnaround ADR, some of the creditors did not approve the business revitalization plan, and the proceedings of Turnaround ADR closed. On the same day, Marelli Holdings Co., Ltd. filed a motion for Civil Rehabilitation proceedings at Tokyo District Court. It is MHFG’s understanding that Marelli holdings Co., Ltd. plans to initiate necessary procedures for filing a motion for Simplified Rehabilitation.
4. Amount and type of claims on the Companies (as of May 31, 2022)
Loans and other: 399.5 billion yen
(Percentage to MHFG Consolidated Net Assets as of March 31, 2022: 4.3%)
5. Forecast of MHFG’s financial results
With regard to the above claims, we plan to apply the necessary accounting treatment in the first quarter of the fiscal year ending March 31, 2023. Nonetheless, there is no revision to MHFG’s Consolidated Earnings Estimates and Dividend Estimates for the fiscal year ending March 31, 2023.
* Alternative Dispute Resolution.