Wednesday, March 30, 2011

Tokyo Electric: $24B Bank Loan Not Enough To Keep It Afloat

You would think that the news coming from Japan must be great today, with its stock market rallying over 2.5%.

Tokyo Electric Power warned on Wednesday that a $24 billion bank loan was not enough to keep it afloat and pay for Japan's worst nuclear disaster.
It's stock price has dropped over 80%, and its president was hospitalized, and the company has been publicly scolded by the prime minister for its handling of the disaster.

 TEPCO said they have not had time to estimate the financial impact but expected it to be "very severe."

"The company had secured 2 trillion yen ($24 billion) in loans from lenders led by Sumitomo Mitsui Financial Group, but that was not enough given fuel and other costs".

You have to wonder about Japanese banks too.

Stumble Upon Toolbar

No comments:

Financial TV

Blog Archive

// adding Google analytics