Toshiba bidder JIP still hasn’t secured firm commitments from lenders, sources say

TOKYO: The preferred bidder for Toshiba Corp was not able finalise its planned 1.4 trillion yen ($10.61 billion) in financing for the acquisition as of Friday, two sources said, delaying into next year its effort to secure firm commitments from banks.

Private equity firm Japan Industrial Partners (JIP) had been expected to secure commitments from Japan’s biggest banks by the end of this year, marking a major milestone in its effort to take Toshiba private.