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Okinawa Lease Files for Liquidation

Date Posted: 2001-04-20

One of Okinawa’s largest general leasing corporations, Okinawa Lease Co. of Urasoe City, capitalized at ¥90 million, filed for a special liquidation at Naha District Court as of March 30. According to credit information companies, Okinawa Lease is saddled with debts totaling ¥11.7 billion, making it the eighth largest bankruptcy ever in Okinawa.

The corporation was in the business of leasing commercial machinery and appliances, and making loans. At its peak, the company enjoyed sales of ¥4.7 billion with a net profit of ¥100 million in 1991. After the burst of the bubble economy, its sales decreased steeply, and finally it had to cease operations about three years ago because of unrecoverable loans.

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