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Bankrupt concrete company reorganization talks break down

Date Posted: 2004-03-11

Reconciliation talks have again broken down between a large raw concrete company and its major creditors.

Okinawa Kensetsu Kongyo Company, headed by President Koji Kokuba, has seen reorganization plans go from bad to worse. It owes •1,1 billion in debts, and was trying to work with the courts to reconcile its problems and find a solution.

That plan is dead in the water, because itís Naha Branch has already closed, and the Nakagusuku Branch plant is now finishing its last scheduled job, and is reportedly going to close after final cement delivery to the job site.

Creditors are demanding answers. They want to know when the company representatives will show up to discuss a new reorganization, and talk payment.

The Court says Okinawa Kensetsu cannot go forward with its reconciliation plan because it lied in the proposed agreement. In response, creditors stopped discussions.

Okinawa Kensetsu has already fired more than 163 workers and reorganized the company. Creditors are demanding the concrete company be handed over to them to run. They want the factory and its assets. Okinawa Kensetsuís land owners are among the creditors.

Creditors say they can take over, and possibly restore the 163 jobs lost.

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