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Business & Technology

Toshiba Throws Hail Mary Pass To Stall Debt Repayments

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Toshiba Throws Hail Mary Pass To Stall Debt Repayments

2017-01-11 01:30:00

Toshiba met creditors on Tuesday and asked them not to use provisions in debt agreements to call in their loans early. Sources with knowledge of the matter said the meeting was an attempt to give the troubled company time to work out a turnaround plan. According to Reuters, Toshiba is still recovering from a $1.3 billion accounting scandal. It was the first such meeting since the conglomerate shocked investors last month by announcing cost overruns at a U.S. nuclear business bought in 2015 which could now mean a charge against profit topping $4 billion.

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