Metaplanet has filed for the commencement of bankruptcy proceedings for its subsidiary, Red Planet Hotels Japan, with the Tokyo District Court.
Previously, the Red Planet Group operated hotels in Japan, the Philippines, Thailand, and other locations under the ‘Red Planet’ brand.
The total debt amounts to 2.202 billion yen, of which Metaplanet’s claims amount to 1.832 billion yen. Metaplanet has stated that since the entirety of its claims have been provisioned for, the impact on its standalone performance is minimal.
Furthermore, Royal Oak Gotanda is operated by a separate company and will continue its operation.
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