Nova Receivers Visit METI 1

29 October 2007
Court-appointed receivers for NOVA Corp., the failed operator of Japan's largest English conversation school chain, said they have asked the government regulator to cooperate in supporting students and bailing out the firm.

The two lawyers, Toshiaki Higashibatake and Noriaki Takahashi, made the requests in a meeting Monday with high-ranking officials of the Economy, Trade and Industry Ministry's Service Industries Division.

In response, ministry officials urged them to make their own efforts to rehabilitate the scandal-tainted, failed company. The ministry has maintained that there is no legal framework for extend assistance to listed companies that have gone under.

The receivers are trying to find a backer to help rehabilitate NOVA and resume its suspended lessons within a month.

They warned the liquidation of NOVA would have a huge impact on society, noting students have paid a total of some 40 billion yen in advance tuition fees and that the amount of wages that it has failed to pay to employees, including instructors, amounts to about 4 billion yen.

The receivers told reporters that they cannot contact Nozomu Sahashi, the founder and sacked president of Osaka-based NOVA.

経営破たんした「NOVA」保全管理人、経産省にスポンサー探しの協力を要請

経営破たんした英会話学校最大手「NOVA」の保全管理人が29日、経済産業省を訪れ、スポンサー探しに協力するよう要請した。
NOVAの保全管理人は、受講者の救済とスポンサー探しへの協力を経済産業省に要請し、「スポンサーが決まらないと、教室の再開も業界からの協力も得られない」としていて­、一刻も早くスポンサーを探すとしている。
これに対し、経済産業省は「まずは、事業の継続と再建に向けた努力をお願いしたい」と応じた。
関係者によると、NOVA側は、支援に興味を持っている会社はあるとの感触を持っているということで、興味のある会社との交渉を優先的に行っていくのではないかとしている­。

Category:

News & Politics

Tags:

• Nova
• Japan
• METI
• receivers