Moritomo Gakuen, a Japanese school operator at the center of a controversial state land deal, filed for court protection from creditors under the civil rehabilitation law on Friday.
Moritomo Gakuen, a Japanese school operator at the center of a controversial state land deal, filed for court protection from creditors under the civil rehabilitation law on Friday.
Moritomo Gakuen, based in Osaka, western Japan, has estimated liabilities totaling 2 billion yen, according to a private credit research agency. The filing was made with Osaka District Court.
The school operator drew controversy for its purchase last year of a state-owned plot of land in the city of Toyonaka in Osaka Prefecture at a price some 800 million yen lower than its assessed value.
