TPC Inc. Bankrupt!
Posted: Fri Nov 04, 2011 9:06 am
TPC Inc. Bankrupt!
(CNNN = Rio Irkawa) One of the biggest corporation in logistics sector, Tailor-Powell Commerce Inc. gone bankrupt after several years of losses. Thousands have lost their jobs, and stock market dropped by 2.7%p. John Wilder, president of TPC made statement in HQ building of Rio Irkawa today that unstable market situation and it's losses of competivity resulted in this tragedy.
While its major opponent, Coburan Express is seeking chance for merge, stockholders of TPC rallied in front of its HQ building, saying the board of directors wasn't trying to save the company. Other investment banks also mentioned 'moral hazard' in TPC and trying to sue the board of directors for being irresponsible. Prime Minister, Minister of Finance and Govenor of Central Bank met today and discussed government reaction to this economic disaster.