Tepco Goes to Government for $12 Billion in Rescue Funds
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Tokyo Electric Power Co. requested 1 trillion yen ($12 billion) of public funds to avert collapse, paving the way for the government to take control of what once was the world’s biggest private utility.
The company known as Tepco also asked for 845.9 billion yen in extra aid from a government-backed fund to compensate people affected by the Fukushima disaster, President Toshio Nishizawa said at a news briefing today. The utility may face insolvency if its capital keeps falling, he said.