Osaka WTC revival plan dropped

OSAKA--Taxpayers could be left with a 60-billion-yen bill after the municipal government here abandoned its plans to make the 55-story Osaka World Trade Center Building a viable economic concern.

The building is a joint venture between the city and private companies.

Osaka Mayor Kunio Hiramatsu announced the pullout at a Tuesday meeting of a committee on administrative reforms.

The move came after the corporation's five creditor banks, including Sumitomo Mitsui Banking Corp. and Mizuho Bank, refused a city government request to forgive further claims on the WTC's combined debts of 50.9 billion yen.

The quasi-public corporation that operates the building in Suminoe Ward has been in court-mediated rehabilitation since February 2004.(IHT/Asahi: July 10,2008)