Ashikaga Financial Group Files for Court Protection.

Kyodo News International (Tokyo, Japan) (viaKnight-Ridder/Tribune Business News) | December 25, 2003 | Copyright

Dec. 25--TOKYO--Ashikaga Financial Group Inc. said Thursday it has filed for court protection from its creditors with the Tokyo District Court under the Corporate Rehabilitation Law.

The court issued an order of court protection the same day, said Ashikaga Financial, the holding company of recently nationalized Ashikaga Bank.

The holding company said it decided to apply for bankruptcy protection as it found it hard to operate normally after its core banking subsidiary, Ashikaga Bank, was nationalized.

Its liabilities stood at 1.6 billion yen as of ...

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