Willcom Inc., Japan's largest provider of personal handy-phone system services, is considering filing for bankruptcy protection as it seeks to turn its business around with financial help from a government-backed body and Softbank Corp., sources said Wednesday.
The company plans to seek protection under the Corporate Rehabilitation Law as it makes prior arrangements to tap into the funds of Enterprise Turnaround Initiative Corp. of Japan, financed by government and private financial institutions, and Softbank.
The prepackaged restructuring scheme, also used for debt-ridden Japan Airlines Corp., is aimed at pushing forward bold restructuring measures while ensuring transparency during the process.