TOKYO -- Trading house Mitsubishi Corp. said Thursday that together with MUFG Bank it will extend a total of 180 billion yen ($1.63 billion) in funding to Chiyoda, and send about 30 executives and managers, as part of an effort to help the plant-engineering company recover from recent massive losses.
Mitsubishi said it will purchase 70 billion yen in preferred shares through a private allotment and lend another 90 billion yen. MUFG Bank, an arm of megabank Mitsubishi UFJ Financial Group, will provide an additional 20 billion yen in loans under a plan released by Chiyoda that day.
