Tokyo Barrister: Start the law firm bankruptcy

Chapter 867 Interruption

Time is running out. Nippon Steel decided to force the financing plan to proceed and ignore the union. If the strategic investment and financing plans are interrupted at this time, coupled with the impact of the strike, then Nippon Steel will really be finished! Although the bank, lawyers and accountants of Future Space were hindered from working on the factory site, they still continued to advance the progress of the project through other means.

However, at this time, the senior executives of Nippon Steel did not know that the bankruptcy application against Nippon Steel had been submitted to the court. This bankruptcy application would disrupt all their previous ideas and set off a huge storm.

The Tokyo High Court, upon receiving Kitahara's bankruptcy application, naturally felt as if it was facing a formidable enemy. You know, the target is Nippon Steel, the largest steel company in the East. Even the Tokyo High Court did not dare to easily decide whether to accept the bankruptcy application.

If it was just one company that filed for bankruptcy against Nippon Steel, the Tokyo High Court would have rejected it without even a second thought. But now there are more than a hundred contractors filing applications at the same time. Moreover, the lawyer's materials were very detailed, and these claims were notarized debt documents. From the perspective of the burden of proof, there is almost no way to find fault with the lawyer's materials.

This puts the court in a difficult position.

You know, the size and scale of Nippon Steel means that every move of this company will have a huge impact on the industry. Even the court will be concerned about the potential consequences.

The court quickly convened a judges meeting to discuss the case. The court knew that the case was serious, so it held rounds of meetings to discuss Kitahara's materials. The court did a good job of keeping the secrets, and only a few senior judges who participated in the judges' meeting knew about it.

Because the court was well aware that once the news leaked out, it would probably lead to interference from all parties. You know, Nippon Steel also contributes a huge amount of tax revenue to the local area every year. If the company's bankruptcy ruling was accepted rashly, the representatives of the local parliament and city hall would probably rush to the court immediately.

However, the materials submitted by the lawyer before me are impeccable.

How much the court hoped to find some loopholes in Kitahara's materials so as to reject the application.

However, they couldn't do it.

This was the case even after rounds of judges' meetings reviewing Kitahara's materials.

This time, a hot potato was really thrown to the court.

Some judges even checked past news reports and found that there were indeed frequent rumors that Nippon Steel was in financial trouble.

But no matter what, the facts presented by this lawyer Kitahara in the materials are shocking:

In order to avoid paying the contractors, Nippon Steel actually issued a document called "A Certificate" to the contractors to offset the debts of upstream suppliers. Even the judges of the High Court who have seen countless major cases were shocked by Nippon Steel's operation.

In addition, more than one hundred workshop contractors jointly applied.

Even if the Tokyo High Court wants to play ostrich, it will be difficult to temporarily reject this application.

Finally, at the judges' meeting, senior judges agreed that even if Nippon Steel entered bankruptcy proceedings, the cabinet would not sit idly by, and there was a high probability that the bankruptcy proceedings would be turned into reorganization proceedings. Therefore, after careful deliberation, the Tokyo High Court decided to handle the case in accordance with legal procedures and sent Kitahara's application to Nippon Steel.

If Nippon Steel fails to raise an effective objection within seven days, the bankruptcy proceedings against the largest steel company in the East will truly begin...

……

……

At the same time that the Tokyo Court forwarded the bankruptcy application to Nippon Steel—

Nippon Steel's strategic investment and financing plan has been basically completed by 70%.

Nippon Steel, bank representatives, and Future Space held another meeting to finalize the final progress. In the meeting room, Cabinet Minister of General Affairs Terada, Future Space CEO Shima Miho, Nippon Steel Chairman Shibata, Financial Director Nagai, Managing Director Uejima, and representatives of major banks all gathered together to make final preparations to break through the union's obstacles and force an agreement.

"How are the due diligence and agreement drafting preparations going?" Minister of General Affairs Terada said.

"No problem," replied Nippon Steel Chairman Shibata. "Everything is ready and almost complete."

Terada nodded, and then said: "Nippon Steel has gone through many difficulties, and it is not easy for it to maintain steady operations today. As you know, the union's strike plan is currently being voted on, and the price of offshore dollar bonds has also plummeted. I think banks must have some support at this juncture."

"I understand—" Terada continued, "The bank has not yet completed the inventory and accounting of the asset mortgage. But based on the current critical situation of Nippon Steel, we hope that Nippon Steel and the bank can sign a partial loan contract first, and then transfer part of the funds to Nippon Steel in advance."

"Of course, we won't let the banks do these things for nothing," Terada said. "The loan funds that the banks have allocated in advance will be guaranteed by part of Future Space's strategic investment funds. At the same time, we will further facilitate the foreign exchange quotas that banks use to conduct overseas financial operations."

Terada asked the bank to deposit part of the loan funds into Nippon Steel's account before the mortgage registration was completed.

The amount is approximately 800 billion yen.

Of course, Future Space is willing to use part of the strategic investment funds as collateral.

At the same time, we are also willing to provide support for the bank's overseas business.

Among the major banks, Mizuho Bank is the most adventurous. Mizuho Bank has always been a gambler. In addition to providing bank financing, they are also willing to subscribe to Nippon Steel shares through other asset management channels. Mizuho Bank believes that under Terada's strong mediation, Nippon Steel will definitely regroup in the future.

Mizuho Bank is extremely efficient.

In particular, senior bank executives also approved of taking adventurous actions in this Nippon Steel project.

The loan contract was signed in the morning, and at 3 pm, the first batch of bank loan funds arrived in Nippon Steel's account.

In the conference room, the representative of Mizuho Bank announced that the bank had issued an advance loan, and Nippon Steel's financial director Nagai confirmed receipt. In the room, applause broke out from all sides.

Everything seemed to be coming to a perfect end.

That’s what Terada thought.

Everyone who had been attending the meeting for a day thought so too.

Just at this time--

The phone in the conference room suddenly rang with an extremely harsh sound.

(End of this chapter)