TOKYO -- Main creditor banks are likely to give Japan's Daikyo Inc. financial aid exceeding 300 billion yen (2.2 billion dollars) to help the condominium developer reduce huge debt, reports said Saturday.

UFJ Bank Ltd., Dai-Ichi Kangyo Bank Ltd. and Asahi Bank Ltd. are planning to expend an aid package of 300-400 billion yen, the ***Nihon Keizai*** newspaper and jiji Press News Agency said.

Details of the bailout are yet to be decided but the assistance would mainly comprise a debt waiver and debt-for-equity swap, they said without naming sources, AFP reported.

Kyodo news agency reported the banks were considering aid of up to 500 billion yen.

Daikyo President Masaharu Hasegawa said in a brief statement that his company "does not know about (the banks') concrete move" as reported.

But he noted Daikyo was drawing up a new management reform plan possibly by late March.

The aid package would mark the latest attempt by Japanese banks to breathe life back into debt-laden companies.

Condominium contractor Haseko Corp. said last Thursday it asked major creditor banks to swap 1.1 billion dollars of debt for equities in a desperate bid to rehabilitate its operations.