Isda committee set to rule on latest Japanese bankruptcy

Isda’s credit derivatives determinations committee looks set to declare the latest credit event by a Japanese company. Wireless telecoms company Willcom filed for bankruptcy last Thursday (18 February) with a reported $2.3 billion in debt. The company was bought out by private equity firm Carlyle in 2004, when it bought a 60% stake.

Willcom’s bankruptcy follows hard on the heels of the biggest Japanese corporate bankruptcy of recent times, that of Japan Airlines on 19 January. The Isda committee also ruled in December that consumer lender Aiful had triggered a restructuring credit event.