Chiyoda exhausted all other options before agreeing third bailout from Mitsubishi

摘要

Embattled engineering firm Chiyoda is set to receive a bailout worth JPY 180 billion (USD 1.63 billion) from major shareholder Mitsubishi Corp and MUFG Bank as part of a rehabilitation plan, with Chiyoda admitting potential lenders were scared off by its risk profile - leaving it to ask for a third rescue package from Mitsubishi. The plan will see Japan’s major LNG plant developer receive JPY 70 billion from its largest shareholder Mitsubishi through issuance of preferred shares, with JPY 90 billion also offered in the form of long-term loans. As for MUFG Bank, it will provide JPY 20 billion in subordinate loans.