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November 28, 2007 |
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NOVA CORP: Osaka Court Approves Bankruptcy Proceedings Failed language-school Nova Corp. has received the Osaka District Court's approval of its request to start court- supervised bankruptcy proceedings, Kyodo News reports. According to the report, the court-appointed lawyers, said that the court had endorsed Nova's request to start liquidation proceedings following their failure to find a procurer to take over its operations fully. G.communication, a Nagoya-based operator of cram schools, language schools and restaurants, had taken over only part of Nova's operations. The Osaka District Court, according to Kyodo News, started Nova's legal liquidation process on Monday. The court has turned down Nova's application for legal rehabilitation. About Nova Corp. Osaka-based Nova Corporation-- http://www.nova.ne.jp/ -- is primarily engaged in the operation of language schools. The Company has seven subsidiaries and two associated companies. The Company is involved in the teaching of languages, the creation of international environment of different languages and cultures, the provision of real time services, the development and provision of network contents, the development of hardware technology, the building of human network, as well as the organization of member groups to provide services internationally. The Company also has subsidiaries and associates, which are engaged in advertisement services, interior construction, facility and commodity sale, overseas study services, computer system services, real estate brokerage, facility leasing and installment sale, capital management, cleaning services, sanitary management, multimedia goods sale, Internet connection services, customer services and assistance to foreigners. Nova has reported two consecutive net losses -- JPY3.09-billion net loss for fiscal year ended March 31, 2006, and JPY2.89 billion for the year ended March 31, 2007. The Troubled Company Reporter-Asia Pacific reported that on Oct. 26, 2007, Nova Corp. sought protection from creditors with the Osaka District Court under the Corporate Rehabilitation Law with JPY43.9 billion in debt. |
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