July 6, 2017 / 11:24 PM / 4 months ago

Japan's Toshiba secures $6 billion in credit lines: Nikkei

(Reuters) - Embattled Japanese conglomerate Toshiba Corp used shares in its divested flash memory unit to secure a credit of 680 billion yen ($6 billion) from major banks, Nikkei news agency reported on Friday.

The logo of Toshiba Corp is seen behind cherry blossoms at the company's headquarters in Tokyo, Japan April 11, 2017. REUTERS/Toru Hanai

Lenders helped Toshiba by providing a way for the company to borrow funds by leaving share certificates with the banks, instead of pledging actual shares as collateral, Nikkei said.

The banks had confirmed that the workaround would not pose any legal problems, giving the arrangement added legitimacy, the report added.

Reporting by Anusha Ravindranath in Bengaluru; Editing by Stephen Coates

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