Rumors of a Tieup

Travel agency H.I.S has been identified as a candidate for a possible tie up with Nova. The head of H.I.S., Hideo Sawada met with Nova President Nozomu Sahashi last month in Tokyo to ask about Nova's financial situation, but both parties denied that any any specific deal had been made.

Stating the obvious, the Japan Times reported:

Assistance from H.I.S. would prove a godsend for Nova, which is in desperate need of funds to shore up its sagging operations after the government ordered it to suspend part of its operations as a penalty for fraudulent business practices, the sources said.

Sahashi said in mid-June that Nova will study a capital and business tieup with a partner in another line of business "if necessary," when he said the company might issue new shares to bolster the firm's capital base and dispel investor fears.

As this news clip suggests, a tieup with H.I.S. would offer Nova a way to sell cheap airfares presumably for study overseas programs.