Disagreement over whether to keep Toshiba Corp's management following a potential buyout caused friction between two of its suitors and is now stoking concern among banks, sources said, further complicating an already uncertain process.
The logo of Toshiba Corp is displayed atop of the company's facility building in Kawasaki, Japan, June 24, 2022. REUTERS/Issei Kato/File Photomanagement following a potential buyout caused friction between two of its suitors and is now stoking concern among banks, sources said, further complicating an already uncertain process.
and his team were a source of friction between the two bidders, according to two sources familiar with the talks. Some of those eyeing Toshiba are concerned that current management could impede the kind of sweeping reorganisation necessary to put it on the road to recovery, three of the sources said.A representative for JIP was not immediately available for comment. Toshiba and state-backed JIC declined to comment.
Once a giant of Japanese manufacturing, Toshiba has lurched from crisis to crisis since a 2015 accounting scandal. It has been weakened by years of discord between management and major shareholders, many of them foreign activists seen as keen for a buyout.enough equity commitments from potential partners, sources have said. It now looks set to miss a Monday deadline to deliver a firm proposal that includes letters of commitment from banks, sources have said.
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Fate of Toshiba management is a cause of friction for bidders and banksDisagreement over whether to keep Toshiba Corp's management following a potential buyout caused friction between two of its suitors and is now stoking concern among banks, sources said, further complicating an already uncertain process.
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