Japan Home Builder Cries For Help

[Mulboyne]

Kyodo: Misawa Homes to seek help from IRCJ

UFJ Bank and Misawa Homes Holdings Inc. are finishing preparations to seek help from the state-backed Industrial Revitalization Corp. of Japan to restructure the struggling home builder, sources close to the move said Saturday...[T]he most likely candidate corporate sponsor is Toyota Motor Corp., which is building up its home building business...But, as Chiyoji Misawa, the still influential founder and former president of Misawa Homes Co., a core firm under the holding company, is opposed to Toyota leading the revitalization efforts, the bank decided to turn to the IRCJ....As of Sept. 30, Misawa Homes Holdings had 282.1 billion yen in interest-bearing debts, about half of which is owed to UFJ Bank.

[Captain Japan]

Toyota not afraid of zombie...
Toyota ponders stake in Misawa Homes
Japan Times

NAGOYA (Kyodo) Toyota Motor Corp. is considering buying a stake of around 10 percent in Misawa Homes Holdings Inc, sources said Friday.
The deal would be contingent on the state-backed Industrial Revitalization Corp. getting involved in the rehabilitation of Misawa Homes.

Toyota may also conclude a business tieup between its housing unit, Toyota Home, and Misawa Homes in a bid to make the business more efficient, they said. Misawa Homes is one of the major corporate borrowers of UFJ Bank.

Toyota will work on details, including the investment ratio, while assessing the progress of Misawa Homes' asset evaluation by IRCJ and the influence of founder Chiyoji Misawa, who opposes the idea, on the company.

[Taro Toporific]

...Toyota may also conclude a business tieup between its housing unit, Toyota Home, and Misawa Homes in a bid to make the business more efficient....

"Efficient"?! Toyota Home is only efficient is robbing the Japanese public. The quality of Toyota Homes is ok but the cost is criminally high.

Why can Toyota Motors make the world's best cars in terms of quality/performance/cost and yet Toyota Homes dare to sell manufactured housing---glorified trailers with foundations---for 10 zillion percent mark-up?

Toyota should be depply ashamed of themselves for speading misery to their fellow Japanese. If Toyota would price their houses like their quality cars, Japanese would the best housed people on earth rather concrete tenement dwellers.

[Captain Japan]

Misawa's bailout depends on Toyota
Asahi

The holding company of Misawa Homes Co. will ask its creditors, including UFJ Bank, for a bailout package worth around 200 billion yen, a move that will likely give Toyota Motor Corp. a stake in the troubled home builder, sources said.

The creditors are likely to agree to the bailout, which includes debt forgiveness, on the condition that the government-backed Industrial Revitalization Corp. (IRC) and Toyota are involved in rebuilding the Misawa group business, the sources said.