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Market Chatter: Mizuho Bank Seeks to Place Radiant World Under Judicial Management

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Mizuho Financial Group (TYO:8411) has initiated legal proceedings in the Singapore High Court and has applied to place iron ore trader Radiant World's Singapore operating unit under judicial management, Bloomberg News reported Wednesday, citing a court document.

The bank, which is a creditor of Radiant World, filed the application on Aug. 26 to initiate a restructuring process, allowing the court-appointed professionals to take control of a company, the report said.

The bank has sought the appointment of two Deloitte restructuring professionals as interim judicial managers of the Singapore-based unit, according to the report.

Mizuho declined to comment on the matter, while Radiant World did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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