Ashikaga Financial Files for Protection AP Online | December 25, 2003 | . This material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information) Copyright

AP Online
12-25-2003
Dateline: TOKYO
Ashikaga Financial Group, fearing a collapse following the government takeover of its insolvent banking unit, sought court protection from creditors on Thursday, an official said.

Prime Minister Junichiro Koizumi approved a plan last month for the government to seize control of regional lender Ashikaga Bank from holding company Ashikaga Financial. The decision came after the bank declared bankruptcy.

Ashikaga Financial spokesman Tokuji Kawane said the nationalization of Ashikaga Bank had severely weakened the holding company because the bank had comprised ...

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