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October 28, 2007

NOVA Shuts Doors, Files for Court Protection from Creditors

NOVA_Sahashi.jpg As widely expected Nova shut its doors and filed for court protection Friday leaving 4,000 foreign teachers uncertain as to whether they will get paid. This is not the same as filing for bankruptcy but should the company not be able to rehabilitate itself that is clearly the next step. Nova has accumulated debts of nearly half a billion dollars. The founder and president of NOVA, Nozumu Sahashi was fired by his board of directors on October 25th. The story was widely covered in the Japanese and international media.

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