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Business deals

Mitsubishi to send 30 managers to rebuild plant builder Chiyoda

Trading house's third bailout will keep affiliate on shorter leash

A Chiyoda liquefied natural gas plant in Qatar. The plant engineering company hopes for synergy with Mitsubishi Corp.'s global LNG operations. (Photo courtesy of Qatargas)

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.

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