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Tepco to get $11bn government aid after plan approval Tepco to get $11bn government aid after plan approval
(about 4 hours later)
Tokyo Electric Power Company (Tepco) is set to receive 900bn yen ($11.5bn; £7bn) in bailout funds after the government approved its business plan. Tokyo Electric Power Company (Tepco) is to receive 900bn yen ($11.5bn; £7bn) in bailout funds after the government approved its business plan.
The funds are a part of the government's bailout plan for Tepco, which is expected to make a loss of 576bn yen this year. The funds are part of the government's bailout plan for Tepco, which has just reported a six month loss of 627bn yen.
The earthquake and tsunami in March damaged its Fukushima Daiichi nuclear plant, resulting in radiation leaks.The earthquake and tsunami in March damaged its Fukushima Daiichi nuclear plant, resulting in radiation leaks.
It may have to pay $100bn in compensation claims due to those leaks. It may have to pay $100bn (£62bn) in compensation claims relating to those leaks.
About 80,000 people living with 20km (12 miles) of the Fukushima plant were forced to abandon their homes after the radiation leaks and many businesses were forced to shut down.About 80,000 people living with 20km (12 miles) of the Fukushima plant were forced to abandon their homes after the radiation leaks and many businesses were forced to shut down.
Tepco reported a net loss of 627bn yen for the six months from April to September, due to the costs of dealing with the crisis at Fukushima.
That figure compares with a net profit of 92.3bn yen in the same period last year.
'Thorough restructuring''Thorough restructuring'
The projected losses for the current financial year have further added to Tepco's troubles. The company had reported a loss of 1.26tn yen for the financial year ending 31 March. The losses, coupled with the huge compensation claims it faces, had raised concerns about the long-term prospects of the company, prompting the government to step in to bail out the company.
The losses coupled with the huge compensation claims it faces, had raised concerns about the long-term prospects of the company, prompting the government to step in a bid to bailout the company. The government set up a special fund to help Tepco compensate the victims and maintain its operations.
The government set up a special fund, to help Tepco compensate the victims and maintain its operations. However, the government had asked the company to submit a business plan indicating how it intended to turn around its fortunes, in order to receive the funding.
However, the government had asked the company to submit a business plan indicating how it indented to turn around its fortunes, in order to receive the funding.
"I urge Tepco and the bailout fund to implement sincere compensation and thorough restructuring, taking into account that they are borrowing a massive amount of money from Japanese citizens," Japan's trade minister Yukio Edano said."I urge Tepco and the bailout fund to implement sincere compensation and thorough restructuring, taking into account that they are borrowing a massive amount of money from Japanese citizens," Japan's trade minister Yukio Edano said.
The company had submitted its proposal last week which it said will help it cut almost 2.5tn yen in costs over the next ten years. The company submitted its proposal last week, saying it would help it cut almost 2.5tn yen in costs over the next 10 years.