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Tokyo Electric to receive USD5.9 billion financing

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(Credit: Reuters) People passing by the headquarters of Tokyo Electric Power Co. in Tokyo.TEPCO
September 30
1:23 AM 2013

Creditors had been set to provide a total of USD5.9 billion financing to Tokyo Electric Power Co. (Tepco). This was according to a person who was involved in the discussions who told Reuters on Monday. The loan would provide another lifeline to the embattled owner of the weakened Fukushima nuclear plant.

Major banks had prepared to provide Tepco with USD5.09 billion in loans in December. The JPY200 billion would be provided through loan rollovers while the JPY300 billion would be given in new financing. This was according to a person who was involved in the financial discussions of the energy company and the banks.

Tepco's application last Friday stated a restart to an undamaged nuclear plant. The application had helped in convincing small banks to join a group of 28 financial firms in rolling over JPY77 billion yen in loans. The said loans were set to be due by the end of October, said person.

Last Friday, Tepco had applied to restart its Kashiwazaki Kariwa facility. The nuclear plant facility of the company is the world's largest and is located northwest of Japan. The approval was still left uncertain and any restart could push through many months from now.

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