The famous Yoyogi Animation Gakuin school has applied for financial rehabilitation, according to its president.
Yoyogi Animation Gakuin is the largest school of its kind in Japan. Yoyogi Live Animation in Tokyo's Shibuya-ku, which runs the school, applied for corporate rehabilitation under the Civil Rehabilitation Law.
"I wanted to prevent young students from being deprived of their dreams," said the president.
The company reportedly has incurred debts of some 2.3 billion yen. Of that figure, about 1 billion yen is unpaid taxes.
Officials from the company said that they would try to cut costs to reconstruct the firm's finances, while they expect that the number of students would possibly drop. (Mainichi)
December 14, 2006
http://mdn.mainichi-msn.co.jp/national/news/20061214p2a00m0et019000c.html
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