Friday October 10, 02:46 AM
Japan's Yamato Life Insurance files for protection: report
TOKYO (AFP) - Japan's Yamato Life Insurance is in the process of filing for bankruptcy protection, Jiji Press reported Friday.
The Tokyo-based company will take necessary legal steps based on insurance law and will seek approval for rehabilitation, the news agency and other media said, quoting informed sources.
The medium-size insurer's debts amount to 269.5 billion yen (2.73 billion dollars), Jiji said.
Telephone calls to Yamato went unanswered, but the company has scheduled a press conference later in the day, Dow Jones Newswires said.
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