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Toshiba in turmoil

Japanese consortium makes final offer on Toshiba buyout

JIP-led group gets bank commitments of $9.1bn in loans

Toshiba's restructuring is entering a final stretch nearly two years after the initial takeover offer. (Photo by Tsuyoshi Tamehiro)

TOKYO -- A consortium led by the investment fund Japan Industrial Partners has submitted a final acquisition proposal to Toshiba, Nikkei learned on Thursday, as the troubled company's restructuring enters a final stretch nearly two years after the initial takeover offer.

Major Japanese banks -- including megabanks Sumitomo Mitsui Banking Corp., Mizuho Bank and MUFG Bank -- have promised JIP loans totaling around 1.2 trillion yen ($9.1 billion) in a commitment letter. SMBC and Mizuho will each provide around 500 billion yen, followed by Sumitomo Mitsui Trust Bank, MUFG Bank and Aozora Bank.

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