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Nichi-Iko Pharma seeks debt restructuring aided by white knight

Scandal-hit Japan drugmaker opts for alternative dispute model

Nichi-Iko Pharmaceutical is one of Japan's largest manufacturers of generic drugs. (Photo courtesy of the company)

TOYAMA -- Nichi-Iko Pharmaceutical, the generic drug manufacturer damaged by a quality compliance scandal, has filed for an out-of-court turnaround process with financial backing from a bailout fund, the Japanese company said Friday.

As part of the deal for alternative dispute resolution, Nichi-Iko signed a letter of intent to receive an injection of up to 20 billion yen ($155 million) from Japan Industrial Solutions, a private equity manager specializing in rehabilitating businesses. The drugmaker said it is open to discussing funding from other parties as well.

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