 |
| August 11, 2003 |
|
MSI, SMBC
and Daiwa Securities SMBC-PI
to Launch a Corporate Restructuring Fund |
| Tokyo, August 11, 2003. Mitsui Sumitomo Insurance Co., Ltd. ("MSI"),
Sumitomo Mitsui Banking Corporation ("SMBC") and Daiwa Securities
SMBC Principal Investments ("Daiwa Securities SMBC-PI"),
a wholly owned subsidiary of Daiwa Securities SMBC Co. Ltd., jointly
announced today that they will launch a corporate restructuring fund
in September. |
| 1. |
Summary of the
Fund |
|
|
|
(1) |
Launch date |
|
|
September 2003 |
|
(2) |
Fund name |
|
|
Daystar Fund |
|
(3) |
Initial investment amount |
|
|
JPY10 billion |
|
(4) |
Investment target |
|
|
Non-performing loans borrowed by corporations that the Fund consider
to have a good chance of rehabilitation |
| 2. |
Features of
Daystar Fund |
|
|
|
(1) |
The fund will expect a stable return from its investment by helping
the debtors that have excessive debt to rehabilitate through financial
restructuring. It also aims to contribute to the recovery of the Japanese
economy by providing risk capital to take over non-performing loans
from Japanese financial institutions. |
|
(2) |
The fund will delegate its operation to Daiwa Securities SMBC-PI
and take advantage of the company's expertise in the distressed company
and non-performing loan investing business. |
|
(3) |
The fund will be able to utilize the highly-developed financial
expertise and the broad customer base of MSI, SMBC and Daiwa Securities
SMBC-PI. |
|
(4) |
MSI, SMBC and Daiwa Securities SMBC-PI will continue to consider
inviting other investors including regional banks to the fund, expanding
the fund size and launching other funds to pursue different investment
opportunities. |
|
