Norinchukin Joint Venture Sees Bigger Loss on First Brands

JA Mitsui Leasing said it now estimates a bigger annual net loss for the year ended March 31, stemming from accounts receivable tied to the bankrupt First Brands Group.

• Now projects an annual net loss of ¥144.7 billion ($926 million), up from the previous guidance of ¥115.7 billion
• The new loss figure reflects a decision to write down the full amount of the receivables
• Says it “has conducted a detailed review of all other factoring transactions and confirmed that no similar concerns exist in transactions other than those involving FBG”
• A Norinchukin spokesman said the negative impact on its ...