Tokyo Barrister: Start the law firm bankruptcy

Chapter 907 Powerless
The cabinet not only approached trading companies and banks. Minister of Internal Affairs and Communications Terada even went to meet with judges of the Tokyo High Court. Although it was called a meeting, it was actually to exert pressure. Terada was extremely dissatisfied with the Tokyo High Court for initiating bankruptcy proceedings against Nippon Steel without authorization.

During the meeting, he also directly poured out all his dissatisfaction. Although the court is an independent institution that exercises judicial power, it is impossible to say that there is no pressure at all.

The judges also learned about the news that the Japan Steel Workers' Union had launched a major strike, especially the major congestion on the Tokyo Ring Expressway. As a result, the judges also knew that they could no longer make a judgment easily, and had to consider the reactions of the parties involved in the reality that their judgment might have.

After feeling the pressure, the court also hinted to the cabinet that as long as there is a suitable plan, the court is willing to convert the bankruptcy procedure into a reorganization procedure.

The creditors' meeting of Nippon Steel had already been formed. Minister of General Affairs Terada took decisive action. When the first creditors' meeting was held, he led a working group to the creditors' meeting site. The working group included public lawyers and personnel from various regulatory agencies.

The working group proposed a very strong plan. Creditors must give up most of their claims and hold shares in Nippon Steel. For the claims that are not converted, Nippon Steel will gradually repay them after five years.

This is an extremely unfriendly proposal to a small creditor.

There is no problem with banks and other large institutions. However, for workshop contractors and suppliers of Nippon Steel, such a restructuring plan would completely sacrifice their interests. Not only would they have to give up most of their claims, but they would not get the cash until five years later. These small companies simply could not wait that long.

But what’s the use of opposing?
The debt ratio of small businesses is still at a disadvantage.

When the first creditors' meeting was held, Kitahara, Miyagawa, Niwa and others were also present.

When Miyakawa saw the members of the working group sent by the cabinet ministers, all of them were arrogant, she felt uncomfortable. Then, the restructuring plan proposed by the working group at the creditor meeting was even more unacceptable to her. It was like robbery in broad daylight.

The Cabinet Working Group also stated directly:

This restructuring plan must be passed.

There is no room for compromise or modification.

The Cabinet must save Nippon Steel.

They couldn't just sit there and watch Nippon Steel go bankrupt.

The working group explicitly and implicitly stated that if this restructuring plan was not passed, the creditors present would be in trouble.

When Miyakawa saw them using such vulgar language and methods to force people to agree, she almost stood up and yelled at them.

The combined debt ratio of workshop contractors and suppliers is less than 20%.

There is no way to compete with big creditors such as banks.

The passage of this restructuring plan is almost a certainty.

The interests of these small creditors were completely sacrificed. It is conceivable that these small creditors will not be able to survive for five years. Therefore, the approval of the reorganization plan also means the fall of these small creditors. Although Nippon Steel was saved, these small enterprises will go bankrupt in the future. Although the jobs of Nippon Steel workers were saved, the workers of these small enterprises will be unemployed.

Large companies are once again being given priority protection, while small businesses are being ignored.

Workers in large companies are valued, while workers in small companies receive no attention at all.

Nippon Steel lawyers such as Tamashiro, Tanimoto, and Abe were also present at the creditors' meeting. They naturally participated in the reorganization plan proposed by the Cabinet Working Group. They knew very well that this reorganization plan would sacrifice the interests of small creditors. They knew very well that this reorganization plan would completely defeat the client represented by Kitahara.

When Yucheng was there, the corners of his mouth even curled up slightly.

She knew very well that such a plan would mean a complete victory for Nippon Steel and a disastrous defeat for Kitahara.

Yucheng knew that Kitahara was also present at today's meeting. However, Kitahara was in another group of creditors. Yucheng really wanted to see what kind of expression Kitahara would have now. He was probably shocked, terrified, or uneasy!

Indeed, Yucheng admitted that Kitahara was powerful. However, after struggling for so many months and using all his tricks, he still couldn't escape from his hands. This young man still failed!!! Thinking of this, Yucheng's previous gloom over his failure in the bank mortgage and debt offset cases was swept away.

Tamashiro believed that Kitahara's idea was to put pressure on Nippon Steel by using bankruptcy procedures and blocking bank claims, in exchange for Nippon Steel's ability to pay the claims of the workshop contractors. Unfortunately, this idea was very naive, just a fantasy of a young man who had just graduated from college. Reality would eventually teach him a cruel lesson!
Kitahara!! You lost after all!!
Control of the production line after the union launched a strike.

The reorganization plan of the creditors' meeting.

Both of these events acted like a pair of pliers, tightly clamping down on the workshop contractor represented by Kitahara.

Originally, the situation of the case was favorable to Kitahara. However, it has changed immediately. The opportunity was the escalation of the situation after the union launched a strike. Everything was just as Eto expected. The union was the decisive factor in determining the direction of the entire incident.

In the reorganization plan, Shima Miho's future space is naturally to acquire a large number of minerals and mines from Nippon Steel. Naturally, the future space will be able to acquire the property rights of mines containing rare earth resources. The approval of the reorganization plan will also mean the realization of the organization's goals.

When Eto proposed to Shima Miho to borrow the power of the trade union, the situation took a complete turn.

Now, everything is very unfavorable to Beiyuan.

It is impossible to block the reorganization plan of the creditors' meeting. The only way out seems to be to admit defeat. What should I do? !

When the creditor meeting ended, Miyakawa looked extremely unhappy and was in a very low mood. Niwa also felt that the atmosphere was very depressing. Originally, they all felt that there was still hope for this case, but now, they could not see any ray of hope. The tough attitude of the cabinet working group made them realize that no matter how hard they tried before, the situation could be completely changed with a wave of the hand of the top bigwigs.

This deep feeling of powerlessness can simply crush a person.

What should I do?!

(End of this chapter)