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Nakayama Steel Works to seek $733 mln in bank waivers-Nikkei
November 28, 2012 / 11:52 PM / 5 years ago

Nakayama Steel Works to seek $733 mln in bank waivers-Nikkei

TOKYO, Nov 29 (Reuters) - Japanese electric furnace steelmaker Nakayama Steel Works will seek waivers on some 60 billion yen ($733 million)of its debts from more than 40 banks, as it seeks a credit-led turnaround of its business, the Nikkei paper reported on Thursday.

The loss-making steelmaker will also seek aid from a government-backed fund, the Enterprise Turnaround Initiative Corp of Japan, and top shareholder Nippon Steel and Sumitomo Metal Corp is considering investing additional capital, the paper said without citing sources. ($1 = 81.8250 Japanese yen) (Reporting by Tokyo Newsroom; Editing by John Mair)

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