Willcom To File For Bankruptcy Protection
Willcom Inc. will file for bankruptcy protection with the Tokyo District Court on Thursday, initiating a pre-negotiated rebuilding process that will tap taxpayer money, the Nikkei business daily said. The personal handyphone system (PHS) service provider's rehabilitation efforts will be sponsored by Softbank Corp and investment fund Advantage Partners LLP, the paper said. The government-backed Enterprise Turnaround Initiative Corp of Japan is expected to officially declare its support for Willcom as early as next week, making Willcom the second firm to receive its help after Japan Airlines Corp, the Nikkei said. Under the rehabilitation plan, Willcom will spin off next-generation PHS operations featuring high data speeds, the business daily said. Read more.