Execution of Sponsor Agreement Regarding WILLCOM, Inc.
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.
Releases, announcements, presentations and other information available from this page and elsewhere on this website were prepared based on information available and views held at the time of preparation and speak only as of the respective dates on which they are filed or used by SoftBank Group Corp. or the applicable group company, as the case may be. Such information is subject to change and may become out-of-date. Such information may also contain forward-looking statements which are by their nature subject to various risks and uncertainties that may cause actual results and future developments to differ materially from those expressed or implied by such statements. Please read legal notices in its entirety prior to viewing any information available on this website.