Carlyle's Willcom files for Japan's Chapter 11
US buyout firm Carlyle Group's Japanese portfolio asset Willcom Inc., the PHS (personal handyphone system) service provider, filed for bankruptcy protection with the Tokyo District Court on February 8th, over debts of JPY173 billion ($1.9 billion) up until September last year.
The government-backed Enterprise Turnaround Initiative Corp. of Japan (ETIC) is expected to officially declare its support for Willcom as early as next week, making the PHS service provider the second...
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