Execution of Sponsor Agreement Regarding WILLCOM, Inc.August 2, 2010
As stated on the press release “Execution of Framework Agreement on the Rehabilitation of WILLCOM, Inc.” issued on March 12, 2010, SOFTBANK CORP. (hereafter “the Company”) has agreed to assume WILLCOM, Inc. (hereafter “WILLCOM”)'s XGP business and cooperate with cost reduction of their PHS business. Due to the strong request by WILLCOM's trustee to directly support their PHS business, after considerable discussion, the Company's Board of Directors resolved at the Board of Directors' meeting held today to accept the request and for the Company to become WILLCOM's sponsor, and the Company today executed a sponsor agreement with the trustee (hereafter the “Sponsor Agreement”).
In the Sponsor Agreement, the Company agrees to dispatch a business trustee to WILLCOM and to provide necessary support for business operation and execution of the rehabilitation plan (total payment of JPY 41.0 billion for rehabilitation debt and rehabilitation security interest (equal payment over 6 years)) of WILLCOM.
Impact on consolidated or non-consolidated financial results of the Company is yet to be ascertained as of today. Such information will be immediately disclosed once any impact is recognized to fall under the timely disclosure standards.
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