Toshiba Seeks $2.5 Billion Credit Line to Pay for Reforms
- Company got $3.3 billion credit commitment in September
- Fundraising choices limited by accounting scandal, rating cut
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Toshiba Corp. is seeking its second credit line from banks in three months, aiming to gain access to an additional 300 billion yen ($2.5 billion) as it faces mounting costs from an accounting scandal that has led to layoffs and asset sales.
The company plans to apply for funds by the end of January, said spokeswoman Yuu Takase. Combined with the 400 billion yen credit line Toshiba received in September, that would bring Toshiba’s total loan facility to more than 1 trillion yen, Takase said.