Index Corporation, the parent company of Atlus, announced today that it is filing for "Civil Rehabilitation" with a Tokyo District Court. The company's finances have suffered in recent years, and it plans to continue to operate while it implements the Japanese equivalent of bankruptcy proceedings.

Gamasutra reports that the its debt now totals $24.5 billion yen (approximately $249.7 million). The decision was agreed upon during a meeting with the board of directors. It attributes the loss to revenues not rising as expected, particularly in overseas markets. The next step for the company is to have a court-appointed supervisor oversee the rehabilitation plan

Atlus was dissolved into Index Holdings in 2010, but as of that year it was profitable due to the success of Demon's Souls. It remains to be seen how the restructuring plan will impact the games publisher best known in the west for the Shin Megami Tensei and Persona series.

Update: Kotaku received this comment from Atlus USA:

Currently, Index Digital Media, Inc. and the ATLUS brand are unaffected by the Index Corporation proceedings in Japan. We're carrying on day-to-day activities, business as usual.