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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Toshiba asks creditors not to call in loans

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TOKYO: Toshiba Corp met creditors on Tuesday and asked them not to use provisions in debt agreements to call in their loans early, giving the troubled company time to work out a turnaround plan, sources with knowledge of the matter said.


It was the first such meeting since the conglomerate, which is still recovering from a $1.3 billion accounting scandal, shocked investors last month by announcing cost overruns at a US nuclear business bought in 2015 which could now mean a charge against profit topping $4 billion. About 80 creditors, including regional banks and life insurance companies, attended the meeting, said the sources, who declined to be identified. — Reuters


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