JIP is struggling to get loans for the acquisition of Toshiba

Tokyo, January 20 (Jiji Press)–The Japanese company Industrial Partners Inc. is struggling. in obtaining an agreement from a banking company on the expected loan to finance the investment planned to acquire Toshiba Corp., sources said.

JIP, the best company for electricity and heavy machinery, is negotiating with a group of five Japanese banks, with the aim of obtaining 1.4 trillion yen in loans by the end of January.

The two sides are still separated due to financial agreements on terms that the borrower must fulfill if Toshiba’s health deteriorates again, the source said.

The acquisition of Toshiba is estimated to cost 2.2 trillion yen.

In total, JIP plans to buy 1 trillion yen in investments from about 20 companies including listed company Orix Corp., semiconductor maker Rohm Co. and Chubu Electric Power Co.

(Copyright The Jiji Press, Ltd.)