NOVA was late paying their staff last month and that the company issued a 750 million yen corporate bond at the beginning of August, which I assumed gave it the cash to pay instructors this month (which was the 15th or 20th – could someone confirm for me?). My own estimates put their foreign staff payroll in the range of 910-1040 million yen per month, so with some cash lying around, it seems they just managed to squeak by this month.
Gone, baby, gone. So sorry for the teachers at Nova, but so glad the poor business practices have finally failed.
Blogged with Flock