OSAKA -- Funai Electric, a Japanese midsize electronics manufacturer and Walmart supplier, has received court approval to start bankruptcy proceedings, it was revealed on Thursday, having fallen victim to intensifying competition with Chinese and South Korean manufacturers.
A quasi-bankruptcy petition was filed for Funai at Tokyo District Court. A normal bankruptcy petition is filed by the company itself, but when circumstances make that impossible, a company director or other party can file for quasi-bankruptcy in its place.
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