Japan consortium explores other options for Toshiba restructuring -Kyodo (updated)

Bain Capital Specialty Finance

21/09/2022 11:54

(Adds background, Kyodo report on JIP's approach to Nippon Life
Insurance Co)
    TOKYO, Sept 21 (Reuters) - A Japanese consortium chosen in
the first round of bids to restructure Toshiba Corp  6502.T  has
decided to explore other options, Kyodo news reported on
Wednesday.
    Japan Investment Corp (JIC) is considering a second proposal
for Toshiba, breaking off with Japan Industrial Partners (JIP), 
according to Kyodo.
    Conglomerate Toshiba is looking at a number of restructuring
plans, including going private.
    Kyodo said private equity firm JIP and state-backed fund JIC
disagreed over the proposal, prompting JIC to consider a new
partnership with overseas funds that also passed Toshiba's first
bidding round, including U.S.-based Bain Capital or UK-based CVC
Capital Partners.
    Meanwhile, JIP has approached more than 10 Japanese
companies, including Chubu Electric  9502.T , Orix Corp  8591.T 
and Central Japan Railway Co (JR Central)  9022.T  to
participate in its consortium, the Nikkei newspaper reported on
Sunday.  urn:newsml:reuters.com:*:nL1N30P00A
    JIP also contacted Nippon Life Insurance Co to join the
consortium for Toshiba's restructuring plan, Kyodo reported on
Wednesday.
    A spokesperson for Nippon Life Insurance Co said it had been
approached by JIP but said: "nothing is decided" about joining
JIP's Toshiba restructuring bid.
    JIC could not immediately be reached for comment.

 (Reporting by Kantaro Komiya, Ritsuko Shimizu and Takaya
Yamaguchi, Editing by Louise Heavens and Jane Merriman)
 ((Kantaro.Komiya@thomsonreuters.com; Twitter: @kantarokomiya;))