Civil Rehabilitation Sought for Funai Electric's Parent

Osaka, Jan. 9 (Jiji Press)--A creditor has filed for court-led civil rehabilitation of the parent of Japanese audio and video equipment maker Funai Electric Co., further deepening turmoil at the group, it was learned Thursday.

The parent is Funai Group, previously called Funai Electric Holdings Co. The petition was filed with Tokyo District Court by Shuwa System Co., a Tokyo publishing company headed by Tomokazu Ueda, former president of Funai Electric, based in Daito, Osaka Prefecture, western Japan.

Funai Group already faces a bankruptcy petition by another creditor. But Shuwa System claims that the parent company should seek rehabilitation instead of being liquidated through bankruptcy proceedings.

Shuwa System acquired Funai Electric in 2021 through a subsidiary. Funai Electric itself had received court approval in October last year to begin bankruptcy proceedings.

According to Shuwa System's petition, Funai Group's debt amounted to 25,892 million yen as of the end of March 2024.

[Copyright The Jiji Press, Ltd.]