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Recession triggers bankruptcy by Okinawa’s Cyber Farm Co.

Date Posted: 2009-02-04

An Okinawa company listed in Osaka Heracles Stock Market first section has filed for bankruptcy in Naha District Court, saying trust in its operations has weakened.

Cyber Farm Company declared it has no profitability because of the business recession, leaving it strapped for cash. It declared debts totaling ¥7.9 billion, including ¥10 billion in Okinawa. The remainder of the debt is with companies on the mainland. Cyber Farm Company has dismissed its 47 workers and been delisted on the stock exchange.

The company, established in March 2000, had sales of ¥11.8 billion at its peak, dealing with data business center physical distribution. Cyber Farm Co. has been the target of investigations from the Securities and Exchange Commission in the past, investigations that led to a loss of confidence from stockholders. It was heavily involved in projects to develop and produce bio fuels in Okinawa for sales to mainland Japan, China, Korea and Taiwan, but its inability to obtain loans from banks led to the January 30th bankruptcy decision.

Cyber Farm. Co. is affiliated with Air Dolphin, a local Okinawa airline. Air Dolphin, which flies between Okinawa and outlying islands, says it is not involved in the bankruptcy and remains in business.

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