BR83 Prunelli Hk 29

RNS Number:5886F
Mizuho Holdings Inc
26 December 2002


 
Debt Forgiveness to Niigata Engineering Co., Ltd. and its affiliated companies

Subsidiaries of Mizuho Holdings, Inc., Mizuho Corporate Bank, Ltd. and Mizuho
Asset Trust & Banking Co., Ltd., have decided to release Niigata Engineering
Co., Ltd. and its affiliated companies (Niigata Diesel Parts Supply Co., Ltd.
and Niigata Power Systems Service Co., Ltd.) from certain of their debts in
response to the reorganization plan which was approved in the creditors' meeting
today. This decision is subject to the approval of the reorganization plan by
Tokyo District Court.

1. Outline of Niigata Engineering Co., Ltd. and its affiliated companies

Niigata Engineering Co., Ltd.
(1)  Address     10-1, Kamatahoncho 1-chome, Ohta-ku, Tokyo
(2)  Assignee    Mr. Takeo Kosugi, Mr. Kuniji Toda
(3)  Capital     JPY 16,778 million 
Niigata Diesel Parts Supply Co., Ltd.
(1)  Address     3-20, Kamatahoncho 1-chome, Ohta-ku, Tokyo
(2)  Assignee    Mr. Takeo Kosugi
(3)  Capital     JPY 20million 
Niigata Power Systems Service Co., Ltd.
(1)  Address     3-20, Kamatahoncho 1-chome, Ohta-ku, Tokyo
(2)  Assignee    Mr. Takeo Kosugi
(3)   Capital    JPY 20 million

2. Details of Relevant Developments

November 27&28, 2001   Niigata Engineering Co., Ltd. and above affiliated 
                       companies filed for commencement of corporate 
                       reorganization procedure with the Tokyo District Court.

January 25, 2002       Commencement of corporate reorganization procedure was 
                       decided. 

December 26, 2002      The reorganization plan was approved in the creditors' 
                       meeting.


3. Claims to be waived by Mizuho Corporate Bank, Ltd. and Mizuho Asset Trust & 
Banking Co., Ltd.

Subject to the approval by Tokyo District Court, Mizuho Corporate Bank, Ltd. and
Mizuho Asset Trust & Banking Co., Ltd. will release Niigata Engineering Co., 
Ltd. and above affiliated companies from their debts in the amount below:

Mizuho Corporate Bank, Ltd.                     JPY 28,680 million 
Mizuho Asset Trust & Banking Co., Ltd.          JPY 4,912 million

4. Effect of this Development on Profit/Loss of Mizuho Holdings, Inc.

This development will have no effect on Mizuho's previously announced 
projections for this fiscal year.


                    Please direct any inquiries to:

   Mizuho Holdings, Inc.,                     Public Relations     03-5224-2026 
   Mizuho Asset Trust & Banking Co., Ltd.     Corporate Planning   03-3274-9015



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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