CIRJE-J-106. Yanagawa, Noriyuki and Ryoko Oki, "A Case Study about Corporate Revival Process: Nitto Kougyou", April 2004.

This paper explains the corporate revival process of Nitto Kougyou, a famous golf courses managing company in Japan. After the crash of bubbles in Japan, the profit condition of Nitto Kougyou dropped drastically. Goldman Sachs bought this company in 2001 and filed for court-mandated rehabilitation. This paper carefully examines the corporate revival process of this company and makes clear the important points for considering the restructuring process of Japanese firms and for solving the non-performing loans problems.