Three Japanese Banks Agree to Refinance Tokyo Electric Power Company: Reports

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RIA Novosti, PUBLISHED 10.10.2014

Three Japanese banks have agreed to extend uncollateralized loans to Tokyo Electric Power Co. (Tepco) which currently relies on government support for its losses following the Fukushima No. 1 nuclear plant disaster, The Japan Times reported Thursday.

Sumitomo Mitsui Banking Corp., Bank of Tokyo-Mitsubishi UFJ, and Mitsubishi UFJ Trust and Banking Corp. will refinance for a period of six months tens of billions of yen of Tepco loans that are due at the end of the month, according to the newspaper.

Tepco returned to the black on a group pretax basis in the April-June quarter for the first time since the 2011 earthquake and tsunami which caused the Fukushima No. 1 nuclear disaster. The company has been facing growing compensation claims and costs related to the decommissioning of the nuclear plant. The company faces a repayment deadline in December for a total of 150 billion yen (approximately $14 billion) in emergency loans provided by Sumitomo Mitsui, BTMU and Mizuho Bank.

Tepco has requested the banks refinance 150 billion yen worth of loans.

The decision follows the establishment of a joint venture between Tepco and Chubo Electric power Co. designed to boost thermal power operations while reducing fuel costs.

On March 2011, the Fukushima Daiichi nuclear power plant was hit by a 9.0-magnitude earthquake and a subsequent tsunami, which caused a partial meltdown of three of the plant's nuclear reactors. The radiation from the plant leaked into the atmosphere, soil and sea. The incident is considered world's worst nuclear disaster since the Chernobyl catastrophe of 1986.

Topics: Asia, Japan

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