TOKYO (Reuters) -Bankrupt Japanese hotel chain Unizo Holdings has selected U.S. investment fund KKR as its restructuring sponsor, the Nikkei business daily reported on Friday.
KKR will likely take over Unizo’s Japan office building and hotel business, the Nikkei said.
Calls to Unizo and the company’s lawyer went unanswered after regular business hours.
Unizo filed for bankruptcy protection in April with debt of 126 billion yen ($849.40 million).
The company initially chose Japanese private equity firm Nippon Sangyo Suishin Kiko (NSSK), as its restructuring sponsor, but later restarted the bidding process, citing requests from creditors.
KKR’s Japan unit is one of Japan’s largest property managers and operates two real estate trusts listed on the Tokyo exchange.
($1 = 148.3400 yen)
(Reporting by Satoshi Sugiyama and Rocky SwiftEditing by Chang-Ran Kim and Miral Fahmy)
