[According to industry sources] the nation’s largest English language school chain is leaning toward a capital alliance as a way to improve its creditworthiness and secure operating expenses.
[Nova] posted a net loss of 3 billion yen in fiscal 2005 and another net loss of 2.4 billion yen in fiscal 2006 as its expansion policy backfired. The number of students fell to 418,000 as of the end of March, down 12.1 percent from a year earlier.
http://www.asahi.com/english/Herald-asahi/TKY200706180093.html