HONG KONG/TOKYO -- Renown, a century-old Japanese apparel maker that went bankrupt last month, is on the brink of full liquidation, as it struggles to find a new sponsor and could end up being split up into pieces by brands and subsidiaries.
Its former owner, Shandong Ruyi Technology Group, which held over 50% of shares in Renown at the time of the bankruptcy filing, is in dire financial straits as well. Its second-largest shareholder that was once regarded as its white knight recently pulled out, while the handling of its interest payment on its debt, which was due on Monday, remains murky.
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