Toshiba Securer New Loans for Re-Structuring

Toshiba shares rallied more than 10% on Thursday on reports the firm was about to secure substantial new loans for its restructuring efforts.The embattled electronics giant is hoping for loans of up to 250bn yen ($2.2bn; £1.6bn), said Nikkei daily.

The company is in talks with several Japanese lenders over money it needs to reorganise its business in the wake of a massive accounting scandal.

Toshiba confirmed it was in talks but said the details had not been decided.The Nikkei daily said Sumitomo Mitsui Banking, Mizuho Bank and Sumitomo Mitsui Trust Bank were like to provide the funds as early as this month.

The funds are vital for the survival of the Japanese conglomerate as it streamlines its bloated businesses, whose poor performances had gone unnoticed during almost a decade of false accounting.