Toshiba Corp, reeling from a $1.3 billion accounting scandal, said it intends to ask for a new 300 billion yen ($2.49 billion) credit line by the end of January to fund a large-scale restructuring.
Toshiba is likely to approach its lenders for the new commitment line, a company spokesman said on December 29. The Nikkei financial daily earlier said it would likely seek help from banks including Mizuho Bank and Sumitomo Mitsui Banking Corp.
The move comes after Toshiba in September secured a 400 billion yen commitment line, and gives the company a wider safety net as it seeks to recover from the book-keeping scandal in which it overstated profits from around 2009.
The company said last week it would slash 6,800 consumer electronics jobs, taking total cuts beyond 10,000, including previously announced plans, as the sprawling conglomerate focuses on chips and nuclear energy. It also expects a record net loss this year.
Comments
Comments are closed.