Tokyo Electric Asks Lenders for Loans of 1 Trillion Yen, Nikkei Reports

Tokyo Electric Power Co. and the Japanese government’s nuclear disaster rescue fund asked lenders for about 1 trillion yen ($12.9 billion) in loans, the Nikkei newspaper reported.

The Nuclear Damage Liability Facilitation Fund is asking for the loans to be advanced with no collateral or repayment guarantees from the government, the Nikkei said, without providing the source of the information.

The formal request to banks is part of a business plan to avert Tepco’s collapse after the Fukushima disaste, which will be completed in March, according to the report.

To contact the reporter on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net

To contact the editor responsible for this story: Aaron Sheldrick at asheldrick@bloomberg.net

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