Gain on debt forgiveness related to lease termination liabilities in the U.S. business
First written in FY2021-Q1. 1 of 4 entries say "Advanced", first in FY2021-Q2. Latest entry: FY2021.
1 other company's latest entry also says "Achieved".
- FY2021AchievedAnnual report
「Thereafter, MUJI USA proceeded with the closure of unprofitable stores, which had been a bottleneck for its earnings, and negotiations to reduce rents, reaching agreement on the closure of 8 of its 18 stores, including 1 on the East Coast and 7 on the West Coast, as well as rent reductions for continuing stores. The company submitted a rehabilitation plan to the local court centered on improving earnings through these measures and a repayment plan for unsecured creditors, and in December 2020, the local court approved the plan with the support of its creditors. Repayment to unsecured creditors other than the company was completed in August 2021.」
Following approval of the Chapter 11 restructuring plan, payments to unsecured creditors were completed, and the cumulative gain on extinguishment of lease termination liabilities reached ¥3,135 million. - FY2021-Q3RestatedAnnual report
「Following court approval in December 2020 of a restructuring plan under Chapter 11 of the U.S. Bankruptcy Code, the Company recognized a gain on extinguishment of lease termination liabilities of ¥3,135 million in the nine months ended the third quarter of the current consolidated fiscal year, including the ¥2,547 million recognized in the first quarter.」
The cumulative gain on extinguishment of lease termination liabilities of ¥3,135 million associated with approval of the U.S. business restructuring plan continued to be disclosed in the third quarter. - FY2021-Q2AdvancedAnnual report
「Following court approval in December 2020 of a restructuring plan under Chapter 11 of the U.S. Bankruptcy Code, the Company recognized a gain on extinguishment of lease termination liabilities of ¥3,135 million in the six months ended the second quarter of the current consolidated fiscal year, including the ¥2,547 million recognized in the first quarter.」
Following court approval of the Chapter 11 restructuring plan, payments to unsecured creditors were completed, and the cumulative gain on extinguishment of lease termination liabilities reached ¥3,135 million. The ¥3,220 million in lease termination liabilities recognized in the previous consolidated fiscal year no longer remained at the end of the second quarter of the current fiscal year. - FY2021-Q1First statedAnnual report
「As the upper limit of the liabilities was finalized with the approval of a court in the U.S. state of Delaware, the Company recognized a gain on extinguishment of lease termination liabilities of ¥2,547 million in the first quarter of the current consolidated fiscal year.」
For lease termination liabilities recorded in connection with MUJI U.S.A.'s store exits, the liability cap was finalized following approval by a U.S. court, and a gain on extinguishment of ¥2,547 million was recognized.