TEPCO seeks $12 billion bailout to stave off bankruptcy

The Bloomberg news website just reported:

Tokyo Electric Power Co. will ask the government for 900 billion yen ($12 billion) to avoid bankruptcy, the Nikkei newspaper said, the first state support since the Fukushima nuclear disaster almost eight months ago.

Trade and Industry Minister Yukio Edano may sign off on a finance plan for the company known as Tepco as early as next week, the Nikkei said. Tepco will commit to cutting costs by 240 billion yen and raising as much as 400 billion yen from asset sales by the end of March, the paper said. Executives of the company at the center of the worst nuclear crisis since Chernobyl will agree on the plan today.

Link: http://www.bloomberg.com/news/2011-10-27/tepco-to-ask-for-12-billion-from-government-nikkei-reports.html

 

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About Robert Singleton

By day, I work for a call center. In my spare time, I try to save my hometown (and planet) from a nearly constant onslaught of greedheads, lunatics and land developers. I live in a fictional town called Austin, Texas, where I go to way too many meetings.
This entry was posted in Finance, Fukushima, Japan, Plant shutdowns and tagged , , , . Bookmark the permalink.

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