Aozora Bank (AOZOY.PK) extends its losses another 3.7% in Japanese trading today, adding to...

|About: Aozora Bank Ltd. ADR (AOZOY)|By:, SA News Editor

Aozora Bank (AOZOY.PK) extends its losses another 3.7% in Japanese trading today, adding to steep losses from the previous session when reports emerged that Cerberus Capital plans to drastically reduce it's stake from 58% to 7.7%. Cerberus has been the controlling shareholder for much of the past decade, but is in the process of cutting its exposure to Japan due to the limited investment opportunities for distressed funds. Shares of the U.S. ADR were down 9.5% in U.S. trade.