Tepco wants to secure 500 billion yen in funding from banks by the end of the year and hopes staff cuts would encourage banks to agree to the funding. PHOTO: AFP /FILE
Japan’s Tokyo Electric Power Company (Tepco) plans to drop more than 1,000 jobs via voluntary retirements by the second half of 2014 as it seeks to win more financial aid to clean up its crippled Fukushima nuclear plant.
Tepco is working on a reorganisation plan to fend off more drastic proposals, including a possible bankruptcy in return for a publicly funded clean-up and shut down of its Fukushima reactors.
The government has agreed to assist Tepco with crippled Fukushima nuclear power plant especially with the 1,000 tanks of radiated water. Tepco wants to secure 500 billion yen in funding from banks by the end of the year and hopes staff cuts would encourage banks to agree to the funding.
Tepco has floundered in trying to bring the plant under control in the two and a half years since the tsunami disaster and is now moving towards restoring the nuclear power plant.
Published in The Express Tribune, November 17th, 2013.
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