NOVA sux

NOVA officially declared bankruptcy last Friday. They were granted bankruptcy protection by Osaka District Court and the company has one month to find a sponsor that can provide financial backing and ultimately take them over with major restructuring. Internet company Yahoo is listed amongst the potential candidates.

An official announcement has been put on http://www.nova.ne.jp/ by newly appointed interim trustees responsible for finding a buyer for NOVA. They also have a Q & A sections regarding the current situation but they do not sound overly confident that a buyer will be found. If no partner is found within the one month time frame, the company will follow through will bankruptcy proceedings.

All branches are closed and business operations suspended until November 5th. It turns out that NOVA has rejected partner ship offers in the past and many companies are now reluctant to become involved with NOVA because of their enormous debt (50 billion Yen or something ridiculous). The huge loss is mainly blamed on the president of the company, who in recent years, over-expanded the company and made some bad business decisions (some of which were illegal). The president was actually forced to stand down by other board members on Friday, which came hand in hand with the bankruptcy declaration. he is being investigated by the authorities and may even end up in jail.

So i havn't been working for the last two weeks and i am owed about $3000 AU by NOVA. Some teachers are being evicted from NOVA rented housing, but so far, we have had no knock on our door telling us to leave. I have picked up some private lessons, earning enough money to keep going for a while. I'm planning to stay till January/February and then head back to Oz for vintage. Even if i just break even for the next few months i don't mind. As for my owed salary, everybody is hoping a buyer is found and salaries will be paid, but this is not a given. All we can do really is wait and cross our fingers. Despite all this, i've still had a good time in Japan and will have many fond memories when i leave and hopefully, one day, will return. Prehaps this time for a wine related job rather than teaching.

Well, thats all i have to say about that..

P.S. So yeah, i turned down the ski resort jobs offers. The timing wasn't very good to tie in with vintage, so it was a case of either going back this January or waiting a whole more year before returning home.