TEPCO to Receive 400-Billion Yen Bank Loans

REUTERS/Yuriko Nakao/File Photo
A Tokyo Electric Power Co (TEPCO) logo is pictured on a sign showing the way to the venue of the company’s annual shareholders’ meeting in Tokyo June 28, 2011

TOKYO (Jiji Press) — Major Japanese banks plan to lend ¥400 billion in total to Tokyo Electric Power Company Holdings Inc. as early as April, it was learned Tuesday.

The Development Bank of Japan, Sumitomo Mitsui Banking Corp., Mizuho Bank and seven other banks will support the power supplier’s efforts to raise funds and improve its financial base at a time when its earnings are pressured by higher prices of liquefied natural gas and other energy sources due chiefly to Russia’s invasion of Ukraine.