Japanese mobile operator Willcom has filed for bankruptcy protection.
The operator, which is controlled by the private equity firm Carlyle, has US$2.2bn in liabilities.
Willcom had held talks with its two largest creditors, Mitsubishi UFJ and Mizuho…
Japanese mobile operator Willcom has filed for bankruptcy protection.
The operator, which is controlled by the private equity firm Carlyle, has US$2.2bn in liabilities.
Willcom had held talks with its two largest creditors, Mitsubishi UFJ and Mizuho Financial Group but was unable to reach agreement.
Government affiliate Enterprise Turnaround Initiative Corp has been linked to an acquisition of the struggling mobile operator.
Willcom has US$757m in loans and US$385m of outstanding debt on its books, much of which was accrued due to substantial investment in high-speed mobile data infrastructure.
Carlyle owns 60% of Willcom, while Kyocera Corp owns 30% and KDDI 10%.
The operator has filed for court protection under Japan’s Corporate Rehabilitation Law, citing ‘harsh competition’.
