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REFILE-Japan's Hokkaido Electric seeking $490 mln bailout -source
April 1, 2014 / 2:16 AM / 3 years ago

REFILE-Japan's Hokkaido Electric seeking $490 mln bailout -source

1 Min Read

(Correct sources to source in second paragraph)

TOKYO, April 1 (Reuters) - Hokkaido Electric Power Co is seeking a capital infusion worth 50 billion yen ($485.5 million) from a state-owned lender, a source with knowledge of the matter said on Tuesday, making it the second nuclear operator to be bailed out since the Fukushima crisis.

The power utility has asked the government-owned Development Bank of Japan to buy preferred shares in the company, the source, who was not authorised to discuss the matter publicly, said.

Tokyo Electric Power Co was bailed out by the government in 2012, after an earthquake and tsunami hit its Fukushima Daiichi nuclear plant north of Tokyo the previous year, causing the worst atomic crisis since Chernobyl in 1986. ($1 = 102.9850 Japanese yen) (Reporting by Taiga Uranaka; Editing by Dominic Lau)

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