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Embattled Japanese conglomerate Toshiba Corp 6502.T used shares in its divested flash memory unit to secure a credit of 680 billion yen ($6 billion) from major banks, Nikkei news agency reported on Friday. (Full Story)
Lenders helped Toshiba by providing a way for the company to borrow funds by leaving share certificates with the banks, instead of pledging actual shares as collateral, Nikkei said.
The banks had confirmed that the workaround would not pose any legal problems, giving the arrangement added legitimacy, the report added.