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Updated Thursday, January 28, 2010 11:24 am TWN, Bloomberg

Carlyle's Willcom to seek bankruptcy protection

TOKYO -- The Carlyle Group's Willcom Inc. may file for bankruptcy protection in Japan as early as next month to reorganize debt and revive the company, the Nikkei newspaper reported, without saying where it got the information. Under a plan negotiated with Japan's state-backed Enterprise Turnaround Initiative Corp. and Softbank Corp., Willcom's capital would be written off entirely and the company may be split into two, the Nikkei said. The plan, similar to the one being used for Japan Airlines Corp last week, may be submitted to the Tokyo District Court, it said.

The Tokyo-based wireless carrier, which has been losing subscribers as rivals offer faster mobile-phone services, said in September it had been unable to agree on a revival plan with all creditors after failing to reschedule debt payments, according to Willcom regulatory filings.

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