Simul International Inc., a major simultaneous service firm, effectively went bust Friday as it filed for “wagi” composition procedures with creditors, according to private credit research agency Teikoku Data Bank.

After filing for the procedure with the Tokyo District Court, the firm immediately received a court order to protect its assets, the agency said. Capitalized at 30 million yen, the Tokyo-based company has 105 employees and liabilities of about 9 billion yen.

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