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To: ms.smartest.person who wrote (2245)	12/31/2002 12:23:26 AM
From: ms.smartest.person	Respond to of 5140

Bankruptcies of listed companies double in 2002 A record 29 listed companies went under in 2002, more than twice the figure last year, a credit survey company said. The bankrupt companies left approximately 1.94 billion yen in debts, and their collapse affected a total of nearly 15,000 employees. Teikoku Data Bank Ltd. said that over the period from the beginning of this year to Sunday, 29 companies listed at stock exchanges, including the Tokyo Stock Exchange and the JASDAQ market, went under. Of these, 18 collapsed over the four-month period from January to April, apparently because special inspections conducted by the Financial Services Agency early this year forced banks to strictly examine borrowers' credit standing. "As the Financial Services Agency will conduct special inspections on financial institutions again early next year, there is a possibility that companies will go bankrupt one after another until the early spring," Katsuyuki Kumagai, head of the Teikoku Data Bank survey division, said. Nissan Construction Co., Dai Nippon Construction Co., and Shokusan Jutaku Sogo Co. as well as Sato Kogyo Co. are among the major construction companies that went bankrupt this year. There were a number of other leading companies that went bankrupt, particularly in three so-called "bad debt sectors" -- the construction-real estate, retailing and nonbank financial sectors. Failed retailers include Dai-Ichi Katei Denki Co., a major electric appliance retailer, and Niko Niko Do Co., the operator of a leading supermarket chain in Kyushu. First Credit Corp., a nonbank financial institution, went bankrupt in an unprecedented process, whereby its main bank, on its behalf, filed for protection of the institution from creditors under the Corporate Rehabilitation Law. Sluggish sales as a result of ongoing deflation expelled some leading manufacturers, such as Japan Metals & Chemicals Co., from the market. (Mainichi Shimbun, Dec. 30, 2002) mdn.mainichi.co.jp