You are here

Toshiba to seek loan support from creditor banks on Tuesday: sources

Tuesday, April 4, 2017 - 13:01

Toshiba.jpg
Toshiba Corp will meet creditor banks on Tuesday to ask them to accept as collateral shares in its soon-to-be-split-off memory chip unit and other businesses and not call in their loans, sources with direct knowledge of the matter said.

[TOKYO] Toshiba Corp will meet creditor banks on Tuesday to ask them to accept as collateral shares in its soon-to-be-split-off memory chip unit and other businesses and not call in their loans, sources with direct knowledge of the matter said.

A Toshiba spokeswoman confirmed the company will hold the meeting, but declined to disclose the agenda.

Toshiba management has so far failed to gain creditors'support for the request, which it also made last month.

The collateral offer also includes shares in group companies such as Toshiba Tec Corp, sources told Reuters in March.

Some smaller creditors have balked at the offer, as bigger lenders are seen receiving the most valuable chip unit shares as collateral, the sources have said.

REUTERS

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom