TOKYO: Creditors are set to provide $5.9 billion in financing to Tokyo Electric Power Co (Tepco), a person involved in the talks told Reuters on Monday, offering a lifeline to the embattled owner of the crippled Fukushima nuclear plant.
Tepco's major banks are prepared to provide 500 billion yen ($5.09 billion) in financing in December - 200 billion yen in loan rollovers and 300 billion yen in new financing - said the person, who has been involved in financing talks as a representative of one of the utility's major creditors.
At the same time, Tepco's application on Friday to restart an undamaged nuclear plant helped convince some wavering smaller banks to join a group of 28 financial institutions in rolling over 77 billion yen ($784 million) in loans due at end-October, the person said.
The utility's success in winning a refinancing of the loans due next month was previously reported by the Nikkei and Asahi newspapers. The outcome of the larger funding round due in December has not been previously reported.
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