Ailing Japanese trading house Sojitz Holdings Corp will ask UFJ Holdings Inc, Swiss Bank UBS AG and others for more than 350 billion yen ($3.20 billion) in new capital, the Nihon Keizai newspaper reported on Friday.
The figure is 100 billion yen more than it planned earlier, the paper said.
Heavily indebted Sojitz, which like many Japanese companies over-expanded in the bubble era of the 1980s, will report extraordinary losses of 410 billion yen for the year to next March after it pulls out of non-profitable businesses and disposes of real-estate assets, the paper said.
Sojitz will draft a restructuring plan next week, it said. In July, the trading company asked for a capital injection of 250 billion yen under its original restructuring plan and had planned to book about 250 billion yen in extraordinary losses for this business year.
The new capital worth 350 billion yen will be sought in October via issuance of preferred shares to financial institutions.
UFJ and UBS have both told Sojitz they are willing to purchase the shares, the paper said.