Toshiba regains access to credit line but…- Technology.

“Crisis-hit Toshiba Corp has regained access to a crucial $6 billion credit line after stumping up shares in its chip unit as collateral but its lenders have imposed tough conditions, banking sources with direct knowledge of the matter said.

Hit by massive cost overruns at its now bankrupt U.S. nuclear unit, Toshiba needs billions of dollars in fresh loans to tide it over before it can complete the $18 billion sale of the memory chip unit, which has currently stalled. Its banks, which include Sumitomo Mitsui Banking Corp and Mizuho Bank, had denied Toshiba access to an agreed commitment line of 680 billion yen earlier this year after its credit ratings were slashed due to writedowns for the nuclear unit, Westinghouse.”


Leave a Comment

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s