Company: Mizuho Financial Group, Inc.
Representative: President & Group CEO Masahiro Kihara
Head Office: 1-5-5 Otemachi, Chiyoda-ku, Tokyo
Stock Code: 8411 (Prime Market of Tokyo Stock Exchange)
Mizuho Financial Group, Inc. (“MHFG”) hereby announces that the claims on Marelli Holdings Co., Ltd. and its subsidiaries (hereinafter referred to as the “Company” and the “Companies”) held by Mizuho Bank, Ltd., a subsidiary of MHFG, may be delayed or become irrecoverable due to the developments described below.
1. Outline of the subsidiary of MHFG
|(1) Company Name:||Mizuho Bank, Ltd.|
|(2) Address:||1-5-5 Otemachi, Chiyoda-ku, Tokyo|
|(3) Representative:||Kato Masahiko, President & CEO|
|(4) Line of Business:||Banking|
|(5) Capital Stock:||1,404 billion yen|
2. Outline of the Company
|(1) Company Name:||Marelli Holdings Co., Ltd.|
|(2) Address:||2-1917 Nisshin-cho, Kita-ku, Saitama-city Saitama|
|(3) Representative:||Hiroshi Moriya, Representative Director
David John Slump, Representative Director
|(4) Line of Business:||Management of auto-parts manufacturing subsidiaries|
|(5) Capital Stock:||100 million yen|
|(6) Date of Foundation:||October 6, 2016|
3. Relevant Developments
The Companies commenced proceedings for the Turnaround ADR* on March 1, 2022. At the creditors’ meeting held on May 31, 2022, the Companies presented the business revitalization plan to creditors, including Mizuho Bank., Ltd..
4. Amount and type of claims on the Companies (as of April 30, 2022)
Loans and other: 388.5 billion yen
(Percentage to MHFG Consolidated Net Assets as of March 31, 2022: 4.2%)
5. Forecast of MHFG’s financial results
With regard to the above claims, we have already applied the necessary accounting treatment, and there is no revision to MHFG’s Consolidated Earnings Estimates and Dividend Estimates for the fiscal year ending March 31, 2023.
We will continue to monitor the progress of the Turnaround ADR* procedure and to make the appropriate disclosure as necessary.
* Alternative Dispute Resolution.