Toshiba to of­fer equity, real es­tate as col­lat­eral

New Straits Times - - Business | World -

TOKYO: Toshiba Corp is of­fer­ing stock hold­ings and real es­tate as col­lat­eral to lenders as it seeks ad­di­tional fi­nan­cial sup­port amid multi-bil­lion losses in its United States nu­clear busi­ness, ac­cord­ing to peo­ple fa­mil­iar with the mat­ter.

The com­pany met with banks on Wed­nes­day and made the of­fer as it re­quested loan ex­ten­sions through the end of next month, said the peo­ple.

Toshiba’s three main banks said they plan to con­tinue their fi­nan­cial sup­port.

The Ja­panese icon has been grap­pling with con­struc­tion de- lays and cost over­runs on nu­clear projects in its West­ing­house busi­ness.

Toshiba has es­ti­mated it would need to take a write­down of 712.5 bil­lion yen (RM27.5 bil­lion), though it hasn’t been able to get au­di­tors to sign off on the fi­nal fig­ures. Bloomberg

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