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Toshiba chairman says banks ready to offer conditional financial support

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NewsHubToshiba Corp’s chairman said its creditor banks are ready to provide financial support to the Japanese conglomerate, with conditions attached, following disclosures that it faces a multi-billion-dollar writedown of a U. S. nuclear business.
“At this moment, I have been told that (banks) will continue to provide support,” Shigenori Shiga told reporters on Thursday on the sidelines of an industry gathering.
Shiga said banks’ support would be conditional upon Toshiba giving them “solid explanations” about the potential writedown and how to improve its financial health.
The company is seeking creditors’ support to weather yet another financial blow, even as it still tries to recover from a $1.3 billion accounting scandal in 2015.
Last week, it revealed it may have to book several billion dollars in charges related to a U.

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