December 8, 2011 / 1:29 PM / 9 years ago

Tepco eyes $39 billion bailout in move towards nationalization

TOKYO (Reuters) - Tokyo Electric Power Co is considering raising 3 trillion yen ($39 billion) over four years, half of which would be a taxpayer-funded capital injection that would lead to the utility’s de facto nationalization, Kyodo News Agency reported on Thursday.

Tepco, which faces massive compensation payments and clean-up costs at its crippled Fukushima nuclear plant, would procure the remaining 1.5 trillion yen through loans to help it repay bonds and invest in new equipment at its plants, Kyodo said.

The Mainichi newspaper said earlier that the government was considering injecting at least 1 trillion yen.

($1 = 77.7300 Japanese yen)

Reporting by Mayumi Negishi

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