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Yamato Life seeks bankruptcy protection
In its filing in a Tokyo district court, the midsize company listed debts of 269.5 billion yen, or $2.7 billion, Kyodo news service reported.
Company officials sought recourse to an 8-year old law allowing courts to order assets of troubled financial institutions to be protected, the report said.
Yamato's problems stem from investment losses in subprime mortgage-related bonds and other securities whose prices have collapsed, company officials said.
Yamato is the eighth Japanese life insurance company to fail since the end of World War II, Kyodo said.
At the end of March, the company had a workforce of more than 1,000 had 170,000 individual insurance contracts, and its assets totaled 283.1 billion yen, or $2.84 billion.
Copyright 2008 by United Press International
This news arrived on: 10/10/2008
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