Toshiba seeks more funds for restructuring: Nikkei – Business Insider

Thomson ReutersA man walks past a Toshiba Corp logo displayed on one of its television sets in Tokyo, Japan

(Reuters) – Toshiba Corp , reeling from a $1.3 billion accounting scandal, intends to ask for an additional 300 billion yen ($2.49 billion) in credit lines by the end of January to fund a large-scale restructuring, the Nikkei business daily reported.

Toshiba is likely to approach multiple financial institutions including Mizuho Bank and Sumitomo Mitsui Banking Corp, Nikkei reported, citing Chief Financial Officer Masayoshi Hirata. (http://s.nikkei.com/1YJLltx)

The company, which overstated profits beginning in the business year through March 2009, has begun restructuring after an investigation of its accounts …

Read the full article at: http://www.businessinsider.com/r-toshiba-seeks-more-funds-for-restructuring-nikkei-2015-12