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10-26-2007
NOVA APPLIES FOR BANKRUPTCY
Filed Under (News about Japan) by Mike

Today NOVA is applying for bankruptcy protection. You heard it. The big one is going down or at least it probably will. Bankruptcy protection does not necessarily mean they will close.

This morning, it has announced a boardroom coup has ousted the company’s elusive president. Nova will seek court protection from its creditors over more than 400-million-dollars in debt, a step to avoid bankruptcy.

The company has failed to pay its foreign staff this month, and hasn’t paid its Japanese employees since July. ABC Radio

Join the Union To stay informed

We understand that paying union dues will be difficult for NOVA teachers and staff at the moment so the General Union Executive Committee has passed the following new dues policy for NOVA teachers and staff.

Joining as of 14 October: 1,000YEN per month until you get a new job.

Joined prior to 14 October: FREE until you get a new job.

THIS POLICY WILL BE REVIEWED IN THE THREE MONTHS

You can join the union by visiting this link http://www.generalunion.org/join/.
If you wish to pay your union dues using paypal, please call the union office.

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Comments:
1 Comment posted on "NOVA APPLIES FOR BANKRUPTCY"
The Warrior on October 26th, 2007 at 4:17 pm

Well, it finally happenned. I hope the teachers can now apply for unemployment and get on with their lives. This is actually better than what has been going on for a few months. My guess is the government will eat the debt, and try to sell off whatever is left to one of the other Big eikaiwa schools.


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