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Mitsubishi Spacejet Builder Slashes Capital 99% To Offset Losses - Nikkei Asia

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NAGOYA, Japan -- The company behind the Mitsubishi SpaceJet reduced its capital by more than 99% last month to help cover losses stemming from its now-frozen plan to build Japan's first jetliner. Mitsubishi Aircraft, a unit of Mitsubishi Heavy Industries, cut its capital to 500 million yen ($4.6 million) from 135 billion yen. Capital reserves were eliminated. Capital and capital reserves had previously totaled 270 billion yen. While its parent holds the largest stake, other shareholders include Toyota Motor and Mitsubishi Corp.

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