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Technology Stocks : Softbank Group Corp

SFTBY 60.50

-5.1%

1:33 PM EST

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To: Nihon-jin who started this subject	7/25/2000 11:54:41 PM
From: Anchan	of 6020

".. or even scrapped" ? A little news: Wednesday, July 26, 2000 Govt, Softbank-Led Group Plan 1-Month Delay Of NCB Sale TOKYO (Nikkei)--The Financial Reconstruction Commission and the group of investors tapped to buy the nationalized Nippon Credit Bank are likely to postpone the sale by a month from the Aug. 1 target date, sources close to the matter said Tuesday. The delay could be announced Wednesday. The move to postpone the sale comes in response to emerging calls from within the ruling Liberal Democratic Party to drop a special provision that would give the NCB buyers the right to transfer certain future loan losses to the government. Both the FRC and the investment group led by Softbank Corp. (9984), Orix Corp. (8591) and Tokio Marine & Fire Insurance Co. (8751) want to see how discussions play out at the upcoming extraordinary Diet session before moving ahead with the sale. Informed sources say both sides want to maintain the basic structure of their original deal, but the possibility is emerging that the transaction will have to be reworked or even scrapped. The big focus is on a special loss-coverage provision under which the Deposit Insurance Corp. agrees for three years to buy back loans that have dropped in value by 20% or more. The same form of loss protection was adopted to facilitate the sale of Long-Term Credit Bank of Japan, since renamed Shinsei Bank. But some critics complain that the provision served as the trigger for the collapse of the Sogo Co. (8243) department store group. (The Nihon Keizai Shimbun Wednesday morning edition)

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