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    6502   JP3592200004

TOSHIBA CORPORATION

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Toshiba seeks $1.8 billion loans for restructuring: sources

03/02/2016 | 10:19pm EST
The logo of Toshiba Corp is seen behind trees at its headquarters in Tokyo

TOKYO (Reuters) - Toshiba Corp (>> Toshiba Corp) is asking three Japanese lenders for additional loans of about $1.8 billion to fund restructuring in the wake of an accounting scandal, sources with direct knowledge of the matter said on Thursday.

TOKYO (Reuters) - Toshiba Corp (>> Toshiba Corp) is asking three Japanese lenders for additional loans of about $1.8 billion to fund restructuring in the wake of an accounting scandal, sources with direct knowledge of the matter said on Thursday.

Toshiba is seeking about 200 billion yen (£1.25 billion) from Sumitomo Mitsui Banking Corp, Mizuho Bank and Sumitomo Mitsui Trust Bank, said the sources, who were not authorised to discuss the matter publicly.

The lenders are willing to extend loans, though the amount is subject to negotiations, the sources said.

The funds are vital for the survival of the Japanese toaster-to-nuclear reactor conglomerate as it streamlines its bloated businesses, whose poor performances have been masked by years of false accounting.

Shares in Toshiba rose as much as 10.5 percent in early trade on the news, first reported by Nikkei business daily, outperforming the broader market which was up about half a percent.

A Toshiba official confirmed the company had been in talks with its main creditors for additional loans, but said the amount and conditions had not been decided.

The company, which has seen its credit rating cut to junk by Moody's Investors Service, secured a credit line of 400 billion yen from lenders in September.

Officials at the three lenders declined to comment.

In the wake of a book-keeping scandal in which Toshiba overstated profits from around 2009, Chief Executive Masashi Muromachi has pledged to accelerate restructuring.

It has already announced more than 10,000 job cuts as well as plans to overhaul its chip business and to sell its loss-making laptops and home appliances businesses.

To raise more cash, Toshiba plans to sell its entire medical equipment unit rather than only a partial stake in Toshiba Medical Systems Corp, people familiar with the matter told Reuters this week.

One of the people said the deal value could go as high as 650 billion yen amid strong demand for medical businesses with high growth prospects, offering Toshiba a much-needed financial lifeline.

(Reporting by Makiko Yamazaki and Taiga Uranaka; Additional reporting by Chang-Ran Kim; Editing by Stephen Coates)


© Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
LETS HOLDINGS GROUP CO., LTD. -4.30% 6.68 End-of-day quote.-8.49%
MITSUI & CO., LTD. 0.48% 2812.5 Delayed Quote.2.77%
MIZUHO FINANCIAL GROUP, INC. 0.74% 1557 Delayed Quote.5.64%
NIKKEI 225 -0.44% 27011.33 Real-time Quote.-5.77%
ONE STOP SYSTEMS, INC. 2.86% 4.1658 Delayed Quote.-18.18%
SUMITOMO MITSUI FINANCIAL GROUP, INC. 1.05% 4142 Delayed Quote.3.96%
SUMITOMO MITSUI TRUST HOLDINGS, INC. -0.57% 3989 Delayed Quote.4.40%
TOSHIBA CORPORATION 0.62% 4690 Delayed Quote.-1.46%
TRUST HOLDINGS INC. 0.00% 292 Delayed Quote.-2.67%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.34% 114.27 Delayed Quote.-0.92%
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Analyst Recommendations on TOSHIBA CORPORATION
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Financials
Sales 2022 3 313 B 29 015 M 29 015 M
Net income 2022 149 B 1 308 M 1 308 M
Net Debt 2022 179 B 1 567 M 1 567 M
P/E ratio 2022 13,3x
Yield 2022 4,08%
Capitalization 2 029 B 17 806 M 17 764 M
EV / Sales 2022 0,67x
EV / Sales 2023 0,66x
Nbr of Employees 117 300
Free-Float -
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Toshiba Corporation Technical Analysis Chart | 6502 | JP3592200004 | MarketScreener
Technical analysis trends TOSHIBA CORPORATION
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TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 4 661,00 JPY
Average target price 5 102,22 JPY
Spread / Average Target 9,47%
EPS Revisions
Managers and Directors
Satoshi Tsunakawa Chairman, Executive President & CEO
Masayoshi Hirata CFO, Head-Accounting & Finance Management
Keiichi Yumita Head-Information Systems
Yutaka Sata Vice President-Research & Development
Hideaki Ito Head-Technology Planning, R&D Center
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