Toshiba Adds $3.3 Billion Credit Line After Accounting Probe
ByToshiba Corp. added a 400 billion yen ($3.3 billion) credit commitment with banks amid uncertainty about the eventual costs for an accounting scandal that has already led to more than $1.3 billion in cuts to reported profit.
The agreement has a two-year term and brings the total loan facility to 762 billion yen, the company said Wednesday in a statement. Toshiba didn’t disclose the cost of the new credit line and said it will supplement the liquidity of cash reserves.
About $6 billion of market value has been wiped from Toshiba since the companywithdrew its earnings forecast in May and announced an accounting probe that was later expanded. The Tokyo Stock Exchange has fined the company 91 million yen for the accounting problems, which regulators are still investigating…
Toshiba Adds $3.3 Billion Credit Line After Accounting Probe
