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Toshiba to seek loan support from creditor banks Tuesday -sources
April 4, 2017 / 2:11 AM / 6 months ago

Toshiba to seek loan support from creditor banks Tuesday -sources

TOKYO, April 4 (Reuters) - Toshiba Corp will meet creditor banks on Tuesday to ask them to accept as collateral shares in its soon-to-be-split-off memory chip unit and other businesses and not call in their loans, sources with direct knowledge of the matter said.

A Toshiba spokeswoman confirmed the company will hold the meeting, but declined to disclose the agenda.

Toshiba management has so far failed to gain creditors’ support for the request, which it also made last month.

The collateral offer also includes shares in group companies such as Toshiba Tec Corp, sources told Reuters in March. Some smaller creditors have balked at the offer, as bigger lenders are seen receiving the most valuable chip unit shares as collateral, the sources have said.

Reporting by Taiga Uranaka; Editing by Chang-Ran Kim

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