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FRIENDLY CORP announces business rehabilitation and to issue bonds and preferred share through private placement

Thursday, 31 Jul 2014 11:20pm EDT 

FRIENDLY CORP:To issue bonds with warrants to raise 1,000 million yen through private placement to Regional Economy Vitalization Corporation of Japan(REVIC).Payment date on Oct. 30.To issue 1 preferred share to raise 400 million yen through private placement to Resona Bank, Limited.Payment date on Oct. 30.Proceeds to be used to renovate existing stores and reform structure of stores.Filed for business rehabilitation with Regional Economy Vitalization Corporation of Japan(REVIC) on Aug. 1 and receives permission on Aug. 1.To renovate existing stores, reform structure of stores, shut down partial stores and improve operation of stores.Issuance of shares and bonds is also part of business rehabilitation plan. 

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