Top Stories
Top Stories

Scandal-hit Toshiba seeks up to $2.2B in new loans from three lenders

Ethan Miller | Getty Images

Toshiba has sought 200 billion yen to 250 billion yen ($1.75 billion to $2.19 billion) in loans from three lenders to cover the cost of restructuring of its home electronics and semiconductor businesses, the Nikkei Asian Review reported Thursday.

The Japanese electronics giant, which has admitted hiding its poor performance for years by using false accounting, is braced for a net loss of 710 billion yen this year, with restructuring costs expected to come to 248 billion yen.

The conglomerate, which has interest-bearing debt of 1.6 trillion yen, has already been cut to junk by Moody's Investors Service. It obtained a credit line of 400 billion yen from lenders in September.

To read the full Nikkei Asian Review story, click here.