Strengthened financial profile following a debt-for-equity swap and asset restructuring in October 2004 Low capital quality, with high reliance on preferred stock New risk management system still under development Sojitz Corp.'s financial profile is improving, owing to its recent financial restructuring and support from creditor banks. In 2003, Sojitz received a capital injection of about ¥263 billion from its key creditor banks, led by its main bank. In October 2004, it swapped its holding company's debt for equity worth ¥370 billion. Under a new business plan, the company reduced assets by ¥620 billion and loss disposition by ¥430 billion in order to restore asset quality. Following this extensive restructuring, Sojitz's asset quality improved substantially. The company's convertible bonds of ¥60
