A government-backed corporate turnaround body said Friday it will sponsor the rehabilitation of mobile phone carrier Willcom Inc., which filed for bankruptcy last month, but stopped short of providing any direct investment.
Under the rescue scheme, Willcom will work with three parties — the state-backed Enterprise Turnaround Initiative Corp. of Japan, Softbank Corp. and investment fund Advantage Partners LLP — to revitalize its personal handy-phone service business and will compile a rehabilitation plan by July 20.
ETIC said it will provide a credit line of up to ¥12 billion, together with other financial institutions, to maintain Willcom's existing PHS services.