Haru no Odori 2007In the fall of 2007, New OSK announced that they would apply for corporate rehabilitation, a process similar to declaring bankruptcy in the US. On October 13th, it was announced that Ones Company has taken on the task of helping to rehabilitate New OSK, which has now returned to the name of OSK.

What is OSK Nihon Kagekidan (OSK日本歌劇団)? It is an all-female theater troupe begun in 1922. 'OSK' is an abbreviation of Osaka Shochiku Kagekidan. Osaka for the city, Shochiku for the company that founded the theater troupe, and Kagekidan meaning literally 'opera troupe'. Due to financial problems OSK disbanded in 2003. In 2004, New OSK began as a revival of the recently disbanded OSK Nihon Kagekidan troupe.

In 2004, the New OSK was formalized, composed of some former members of OSK. Their main theater is now the 200-seat Sekaikan (World Hall). They currently have a two year program to train new members, and accept successful applicants between the ages of 15 and 23 with skills in dance, acting, and singing. New OSK's strength is often said to be its dancing.