Toshiba asks for banks’ support
Executives at ailing conglomerate Toshiba have asked banks for additional support. Three main lenders say they are considering providing new lines of credit.
Toshiba executives met with representatives of about 80 financial institutions on Tuesday. They are believed to have discussed the temporary swell in the company’s losses following the bankruptcy of its US nuclear subsidiary Westinghouse.
The firm plans to spin off its mainstay flash memory chip operation. But it will be some time before it sees any gains from selling a majority stake in the new entity.
Toshiba said it needs to secure more than 6.3 billion dollars in fiscal 2017.
Sumitomo Mitsui Banking Corporation and 2 other main creditor banks proposed additional support on the condition that Toshiba offers shares in the spin-off company as collateral.
The electronics maker has postponed the release of its earnings report twice because it needed to investigate accounting practices at Westinghouse.
It is trying to release the report by Tuesday of next week.
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1.This Month
EVENTS
25 January Takoma Park USA Commemorating ‘Nuclear-Free Zone’
with Virtual Film Screening
Hibakusha: A-bomb survivor, 95, never giving up the
battle to eliminate nuclear weapons
https://mainichi.jp/english/articles/20201229/p2a/00m/0na/032000c
December 30, 2020 (Mainichi Japan)
Tsuboi released comments expressing his joy after he
learned that the Treaty on the Prohibition of Nuclear
Weapons would enter in force.
“I am filled with excitement, thinking, ‘At long last.
This is great.’ It is a major step toward my long-held,
earnest desire for nuclear weapons to be banned
and eliminated,” he said. At the same time, he
noted that states with nuclear weapons, as well
as Japan, had not ratified the treaty and said, “The road hereafter may be rough.”
Still, each time I have met Tsuboi, he has
repeatedly stated, “I won’t give up until there ar
e zero nuclear weapons. Never give up!”
JAN 28 AT 7 AM UTC+11 – JAN 28 AT 8:30 AM UTC+11
Webinar: Ending the global security threats of nuclear power
Event by Coalition for Responsible Energy Development in New Brunswick, Beyond Nuclear and 2 others
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