Wilcom Moves towards Pre-packaged Bankruptcy

Willcom Inc. is moving toward rebuilding under court protection in order to make its process transparent and pave the way for receiving public funds, according to Nikkei. The troubled PHS service provider is counting on the assistance of the Enterprise Turnaround Initiative Corp. of Japan, or ETIC, a government-backed entity that helps businesses in dire straits get back on their feet. With transparency a high priority for the ETIC, Willcom likely concluded that bankruptcy proceedings under court supervision would better satisfy the turnaround body's requirement than a voluntary debt workout would.