Lenders to Godiva Japan Inc. have agreed to extend by nine months the maturity of about ¥75 billion ($463 million) in loans to the struggling luxury chocolate maker, people familiar with the matter said. The extension provides temporary relief for the Japanese unit of the Belgian chocolate brand, which has been facing financial pressures in the premium confectionery market.

The agreement covers approximately ¥75 billion in debt, equivalent to $463 million, giving the company additional time to address its financial challenges. This nine-month extension pushes the loan maturity out from its original timeline, allowing management to pursue restructuring or recovery efforts without immediate liquidity pressure from debt repayment.

Godiva Japan's struggles reflect broader challenges in Japan's luxury goods sector, where consumer preferences and spending patterns have shifted since the pandemic. The chocolate maker joins other premium retailers seeking breathing room from creditors amid economic uncertainty in the region.

The loan extension buys time but does not resolve Godiva Japan's underlying operational issues. The company must now demonstrate it can return to profitability within the extended timeframe or face further restructuring that could involve additional debt negotiations or asset sales.