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Tokyo Electric receives reprieve from debt through roll overs
Twenty eight financial institutions, including Sumitomo Mitsui Banking Corp have agreed to roll nearly a JPY77 billion or USD783 million syndicated loan for Tokyo Electric Power Co due to become mature by month's end. This was reported by the Nikkei business daily last Saturday.
Tepco had lost about USD27 billion since the Fukushima Daiichi nuclear plant disaster and is now facing mounting liabilities as it shuts down the facility. It is also compensates tens of thousands of residents that was forced to evacuate as well as pay for decontamination costs in an area roughly the size of the state of Connecticut.
The SMBC was joined by Chiba Bank, Gunma Bank, Sumitomo Trust Bank and a number of prefecture based agricultural cooperatives. The Tepco banks are preparing to provide JPY500 billion in financing for December, with JPY 200 billion in loan rollovers and JPY300 billion for new financing. This was confirmed with Reuters by an individual who was involved in the talks.