Friday, October 26, 2007

NOVA files for bankruptcy protection

Probably no surprise to anyone who has been following this. Turns out that the company is much deeper in the hole than originally thought---43.9 billion yen. The president, Nozomu Saruhashi has sort of become unable to be located and was removed by the board last night. This is so big, that it has even made Japanese newspapers. I just saw it on the front page of one at a local Lawsons. Some of the best information on NOVA's problems is at Japan Economy News & Blog. It's sort of mixed news for employees as they will be out of a job, but will be able to get unemployment (or some type of assistance. I have read that the Australian government may have Australian nationals) in most cases as I understand it. Of course the students are out of luck. The government has stopped credit card charges to NOVA. I'll bet NOVA's eikaiwa sisters will be salivating over the news. GABA, Berlitz, etc.

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