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Toshiba is likely to approach its lenders for the new commitment
line, a company spokesman said on Tuesday. The Nikkei financial
daily earlier said it would likely seek help from banks
including Mizuho Bank and Sumitomo Mitsui Banking Corp.
The move comes after Toshiba in September secured a 400 billion
yen commitment line, and gives the company a wider safety net as
it seeks to recover from the book-keeping scandal in which it
overstated profits from around 2009.
Moody's recently downgraded the company's debt rating to junk
status, and the Tokyo Stock Exchange has placed Toshiba stocks
in a special "watch" category to see whether it can improve
internal controls. Both moves have made it harder for the
company to raise funding through debt or new shares.
The company said last week it would slash 6,800 consumer
electronics jobs, taking total cuts beyond 10,000, including
previously announced plans, as the sprawling conglomerate
focuses on chips and nuclear energy. It also expects a record
net loss this year.
Toshiba shares were up 1.2 percent on Tuesday compared to a flat
overall stock market.
(Reporting by Makiko Yamazaki; Additional reporting by Kshitiz
Goliya in Bengaluru; Editing by Anil D'Silva and Muralikumar
Anantharaman)
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