Shinohara enters bankruptcy protection

Currie Group said it is "business as usual" for local Shinohara users, despite the Japanese press manufacturer entering bankruptcy protection.

Shinohara president Mikio Shinohara announced yesterday that the company had filed for Civil Rehabilitation Act, the Japanese equivalent of Chapter 11 bankruptcy in the US.

The act allows companies to rehabilitate their financial position and restructure under the supervision of creditors.

"Shinohara swears to do our upmost to achieve a corporate revival," said Shinohara.

"We manufacture and sell our products as normally today. We guarantee for supplying the spare parts and providing the service activities to all the Shinohara users as before."

Local Shinohara distributor Currie Group told ProPrint that it had received assurances from the vendor, and that it would be receiving a visit from the Shinohara president next month.

Managing director Bernie Robinson said: "My information from Shinohara is that it's going to be 'business as usual'."

Robinson surmised that a decline in offset equipment sales coupled with Shinohara's failure to sell its former Japanese headquarters contributed to the vendor's financial downfall. He estimated that there were Shinohara units installed across Australia.

Robinson added that he didn't expect any financial exposure for Currie Group as a result of Shinohara's woes.

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