Nova Files For Court Protection From Creditors
Nova, the largest operator of English conversation schools in Japan, has filed for court protection from creditors:
Nova Corp. filed the request with the Osaka District Court on Friday morning under Japan’s Corporate Rehabilitation Law, court spokesman Takeaki Tominaga said.
Following the court filing, the Jasdaq Securities Exchange for start-ups and venture companies suspended trading in Nova shares for the day and said the company will be delisted Oct. 27.
“This matter affects not only the students but foreign teachers and staff. I hope that the impact can be minimized,” top government spokesman Nobutaka Machimura told reporters.
The Osaka-based foreign language conversation school chain has debts estimated at 43.9 billion yen (US$385 million; €269 million), according to Kyodo News agency.
A video of Japanese news coverage of this event:
Nova schools across Japan have closed their doors, and it is not clear when or if they will re-open in the future. Nova’s official website has been taken down and replaced with a notice in Japanese that announces the bankruptcy and includes a Q&A telling students that they cannot get refunds now because all Nova’s assets are now under protection of the courts. Teacher and staff wages have also been delayed indefinitely.
[The picture used in this post is from Let Japan's Nova Artwork thread: check it out if you need a laugh!]
Categories: Foreigners in Japan, Teaching English
Nova Union Strike: October 16th 2007
According to an e-mail that was forwarded to me this morning, the General Union is organizing a strike tomorrow and urging all Nova teachers and their supporters to participate:
Union’s Plan of Action
Only public pressure (or shame) will push Sahashi to do the right thing and file properly. We plan
1) to hold a massive strike ON TUESDAY of all members. (Initially we planned it for tomorrow but CHANGED TO TUESDAY to co-ordinate with General Union in Osaka)
2) to file a petition at the Shinjuku Labor Standards Office to prosecute Sahashi for criminal failure to pay wages as is stipulated in Labor Standards Law
3) to protest outside the LSO in front of the media to demand such a prosecution
4) to hold a press conference to explain the union’s position on the current situation
These actions are being coordinated with out sister union, General Union, in Osaka. It is crucial that all members go on strike on Tuesday and meet at the following times and places:
Schedule of Events
Monday Oct 15: We will fax document to Nova management notifying them that all members will strike for the entire day Tuesday.
Tuesday 11 am: Meet at South Exit of Okubo Station on the Sobu Line
We will then walk to the Shinjuku LSO at 11:15pm
11:30pm We will say a few words to the press and then enter the LSO with our petition to prosecute Pres. Sahashi.
12:00pm-12:30pm We will demonstrate outside LSO in front of press
12:30-13:00pm We will hold a brief press conference
13:15pm to 14:00pm We will hold a union meeting back at the union office to decide our next collective move.
Again, remember all members must strike on Tuesday since we will be notifying management that way. Since we have many new members, we can decide tomorrow what future actions to take. But it is crucial that we act as a union tomorrow, particularly when there will be press attention.
The full text of the e-mail has been posted at Debito.org. Anyone going to the protest in Tokyo?
Categories: Foreigners in Japan, Teaching English