Parts maker Sanden HD Asks financial institutions for help rebuilding management June 30 21:48
Sanden Holdings, an auto parts maker headquartered in Gunma Prefecture, has entered into a difficult business situation due to a drop in sales due to the effect of the new coronavirus. I decided to ask my financial institution for help.
According to the announcement, Sanden Holdings has stopped operating overseas factories due to the influence of the new coronavirus, and sales have fallen due to sluggish demand for automobiles. The loss was 3.4 billion yen.
For this reason, the company decided to use the national system called "Business Regeneration ADR" on the 30th, as it needed to take drastic improvement measures, and applied to a specialized group.
The company has asked financial institutions such as Mizuho Bank, its main trading bank, to support it, discuss about the review of repayment conditions for borrowings of more than 100 billion yen as of March, and formed a capital and business alliance with multiple companies. The policy is to rebuild.
Sanden Holdings is a company listed on the First Section of the Tokyo Stock Exchange and manufactures car air-conditioning parts at domestic plants in Isesaki, Gunma and Toyohashi, Aichi, where the head office is located, as well as plants in Asia, including China.
According to the company, there are no plans at this time to reduce the production system or reduce the number of personnel as a result of this business revitalization ADR application.