A consortium considering a bid for Toshiba is poised to miss a Nov. 7 deadline to secure financing for what could be Asia’s biggest deal this year, according to people familiar with the matter.
Four banks including Sumitomo Mitsui Banking that were considering whether to issue commitment letters for loans to the consortium led by Japan Industrial Partners have decided not to proceed before the cutoff date set by Toshiba, the people said. The banks have not yet made a formal decision, one of the people said, asking not to be identified as the information is private.
The lenders have been unable to make binding commitments as the potential bidding groups have not finalized details such as deciding on the lineup of their equity partners, people familiar with the matter have said.