A consortium led by Japan Industrial Partners (JIP) has formally submitted a proposal to Toshiba to take the troubled conglomerate private after securing commitments for loans worth ¥1.4 trillion ($10.6 billion), sources have said.

Major Japanese banks including Sumitomo Mitsui Financial Group had issued letters of commitment to provide the loans to the JIP-led group, said two of the sources, who declined to be identified because the information has not been made public.

The ¥1.4 trillion in loans included a commitment line of ¥200 billion for working capital, the sources said.