Tokyo, 1991: Starting as a bank clerk.

Ayako Shiraishi stared at him blankly.

Then she bowed deeply.

"Thank you."

The sound was soft, but more stable than before.

Kiryu Yaya nodded.

"Let's go back first. President Shiraishi needs someone to stand by his side right now."

Ayako Shiraishi nodded vigorously.

"Yes."

The voice of Chihaya Yuri could be heard from afar.

"Kiryu-kun."

"coming."

Kiryu Yaya turned and walked towards the front desk.

Ayako Shiraishi stood in the corridor, watching his retreating figure, tears of gratitude streaming down her face.

……

[World line converging - fork two selected]

[A cash reward of €5 has been deposited into the bank account]

Current bank account balance: €713,200

3:20 PM.

Second meeting room on the fifth floor of Mitsubishi Bank Osaka branch.

After Chihaya Yuri and Kiryu Yaya returned to the bank, the Financing Review Division immediately convened a review meeting regarding the Shiraishi Refrigeration financing case.

But this was not a typical classroom discussion.

Branch Manager Takahiro Matsumoto sat in the main seat, with a folder of Shiraishi Refrigeration equipment in front of him. The word "Urgent" was written in red pen in the upper right corner of the cover.

To his right sat Kiyomasa Ogaki, the head of the finance department.

Kiyomasa Ogaki is 59 years old this year, and there is less than a year left before his scheduled retirement. He basically doesn't care about anything anymore.

Sitting next to Kiyomasa Ogaki was Takeshi Iwakura, the head of the Debt Management Division.

He was 45 years old, with a thin face and a hard gaze.

If the financing review department is the gate before the loan is disbursed, then the debt management department is the battlefield after bad debts occur.

Bankruptcies, mortgage disposals, collateralized loans, debt collection negotiations, court procedures—Tsuyoshi Iwakura has seen it all.

Therefore, within the Osaka branch, he was a well-known risk-averse individual.

I don't like pretty words either.

Kiryu Yaya stood half a step behind Chihaya Yuri.

He's still a newcomer.

Logically speaking, he might not even be qualified to sit in on a meeting of this level.

But from day one, the case of Shiraishi Refrigerators was inextricably linked to his name.

Chapter 25 Whitestone Financing Meeting

The meeting began.

Masakazu Yamada reported first:

"Shiraishi Refrigeration Co., Ltd. applied for €500 million. The funds will be used in four parts: First, to replace the €90 million loan from Osaka Credit Bank; Second, to upgrade the cold storage compressor units and temperature control system, estimated at €90 million; Third, to reorganize the equity and adjust the capital policy, approximately €320 million; Fourth, to supplement working capital."

He turned a page.

"The on-site investigation results indicate that Shiraishi Refrigeration is still operating normally. The Dojima Cold Storage warehouse has an average daily outflow of 300 to 400 boxes, and its main customers are department stores, hotels and food companies in Osaka. The cold storage equipment shows signs of aging, and the No. 2 compressor unit has an overload alarm. Electricity costs have increased by about 15% compared to the same period last year."

Chihaya Yuri continued:

"Regarding equity, Takao Shiraishi holds 28% of the shares, which has been pledged to Daiwa Securities-affiliated financing companies. The deadline is 3 PM on May 2nd. According to President Seiji Shiraishi, Kansai Urban Development has provided Takao Shiraishi with 30 million euros in funds, nominally a short-term working capital loan, but it may actually include a purchase reservation right or a penalty clause."

No one spoke in the meeting room.

Everyone could tell that this was no ordinary loan.

Masakazu Yamada concluded by saying:

"According to preliminary assessments, the operation of Shiraishi Refrigeration itself has not deteriorated to the point of being unsustainable, but there is a risk that control may be seized by external developers. If Kansai Urban Development acquires Shiraishi Takao's shares and further seeks to acquire shares from Morikawa Industries and his family, Dojima Refrigeration may be disposed of as an asset."

The document was closed.

The meeting room fell silent.

Takahiro Matsumoto did not immediately respond.

He looked at Kiyomasa Ogaki.

"Minister Ogaki, what's the Finance Department's opinion?"

Kiyoshi Ogaki was holding a teacup, as if he had known all along that this question would eventually fall on his head.

He slowly put down his teacup and glanced at Iwakura Tsuyoshi.

"Regarding risks, the debt management department knows best. Iwakura-kun, you go first."

In short, the right to speak fell to Tsuyoshi Iwakura.

Iwakura was not surprised at all.

He opened the folder in front of him, pressed his finger on the equity structure page of Baishi Refrigeration, and said clearly and decisively:

"I disagree."

Kiryu Yaya raised his eyes.

Takeshi Iwakura made his opinion clear:

"This financing is too risky."

"First, the use of funds is impure. Nominally it is for business stabilization and equipment upgrades, but in reality, more than 300 million is intended for the defense of the Baishi family's equity. Banks are not tools for fighting for control of family businesses."

"Secondly, guarantees are not absolutely safe. The Tangdao Cold Storage was valued at 1.4 billion in the past, but that was during the bubble period. Now land prices have begun to decline. Even a conservative liquidation of 650 million is just a figure on paper."

“Cold storage buildings are not ordinary office buildings. There are uncertainties regarding disposal costs, the scope of potential buyers, and changes in usage.”

"Third, the execution risks are too great. The cancellation of the mortgage on the Osaka Credit Cooperative, the release of the pledge on the Daiwa Securities-affiliated financing company, the change of the name of Shiraishi Takao's shares, the possible release of the pre-sale right, and the establishment of our bank's first-priority guarantee all need to be completed before Golden Week."

“If any link goes wrong, the funds will be stuck halfway.”

He paused for a moment after saying this:

"More importantly, the Kansai urban development project has already begun. Kuroda Shuichi is no ordinary speculator. The fact that he dared to pay 30 million yen in advance means there must be a contract behind it. If we get involved now, it's like putting ourselves directly in opposition to him."

"I don't think Mitsubishi Bank should take such a risk because of the internal strife within the Shiraishi family."

The meeting room fell silent.

What Iwakura Takeshi said was very realistic.

That sounds like something someone in a debt management course would say.

He doesn't care what ideals entrepreneurs have, nor does he care how many employees' lives Baishi Refrigeration provides.

He only looks at how bad debts will eventually occur and what the probability of them happening is.

According to Takeshi Iwakura, many non-performing loans initially have a seemingly plausible story behind them.

The company itself is fine; it's just experiencing temporary cash flow difficulties. As long as the bank provides support again, it can get back on its feet.

In the end, however, the issues of guarantee disposal, litigation, and debt collection will still fall on the shoulders of the debt management department.

Masakazu Yamada pondered for a moment.

"The business is indeed not bad. Over the past three years, Baishi Refrigeration's turnover has remained stable at around 1.6 billion euros, with an operating profit of 110 million euros and a recurring profit of 80 million euros. Currently, it has about 290 million euros in bank loans, so its debt level is not heavy."

He paused.

"But Section Chief Iwakura is right, the risks associated with equity and execution are very high."

Chihaya Yuri stared at the table without saying a word.

She knew that at this point in the meeting, without any new assessments, the case involving Shiraishi Refrigeration would most likely be suppressed.

She sighed and didn't say anything more.

At that moment, Matsumoto Takahiro suddenly looked at Kiryu Yaya.

"Kiryu-kun."

"Yes."

What do you think?

Several pairs of eyes fell on them simultaneously in the conference room.