Japan Industrial Partners, the preferred bidder to buy out Toshiba, has moved closer to securing financing from banks, three people with knowledge of the matter said.
Concrete restructuring steps proposed by JIP have made a group of lenders, including Toshiba's main banks Sumitomo Mitsui Banking and Mizuho Bank, more confident in JIP's post-acquisition plans, said two of the people who have direct knowledge of the financing discussions.
JIP, which is planning to form a consortium, is hoping to secure commitments from banks this month for a buyout that would value the industrial conglomerate at around ¥2.2 trillion ($16 billion), part of which would be funded by loans from the banks, one of the people and a fourth source said.