This article introduces the issues surrounding Kanebo's collapse following accounting fraud and the ¥440 billion valuation assigned by Kao. In this context, the beginnings of Sogo's 2000 private workout and Daiei's 2004 ADR are mentioned as examples of postwar Japanese economic failures.
Kanebo's collapse following accounting fraud and the ¥440 billion valuation assigned by Kao are examined, providing background to the debate over the application of bankruptcy law and approaches to valuation.
As examples of postwar Japanese economic failures, the limits of Sogo's 2000 private workout and the emergence of Daiei's 2004 ADR are referenced, and changes in the framework for business revitalisation are discussed.