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Toshiba in turmoil

Toshiba buyout: JIP-led group secures $8.8bn loans from megabanks

Troubled Japanese company's shareholders to determine fate of takeover proposal

The investment fund Japan Industrial Partners submitted a proposal to take over Toshiba in November. (Photo by Tsuyoshi Tamehiro)

TOKYO -- Japanese megabanks, including Sumitomo Mitsui Banking Corp. and Mizuho Bank, are set to deliver loans of around 1.2 trillion yen ($8.8 billion) to a consortium led by the investment fund Japan Industrial Partners to take over Toshiba, Nikkei learned on Thursday.

The decision comes after JIP in November submitted a proposal to take over Toshiba. Around 20 Japanese companies, including Rohm, Orix and Chubu Electric Power, have already decided to jointly offer funds of around 1 trillion yen to the consortium.

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