Advantage steps back from Willcom's restructuring
Willcom Inc., the Japanese PHS (personal handy-phone system) operator 60% owned by the Carlyle Group, and now in Chapter 11 bankruptcy restructuring, will be supported by Softbank Corp., Japan's No.3 mobile phone operator, without the participation of local private equity firm Advantage Partners, originally supposed to make a JPY300 million ($3.5 million) capital injection to the PHS business to maintain its operations.
Softbank originally planned to take only Willcom's next-generation high-speed transmission division, which was believed to be profitable. However, PHS, Willcom’s core business, appears to have deteriorated...
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