Mitsubishi plans $1.4 billion rescue for plant engineering firm Chiyoda - Nikkei

Japanese trading house Mitsubishi Corp. and MUFG Bank plan to provide more than 150 billion yen ($1.4 billion) to support struggling Chiyoda, one of the world's leading builders of liquefied natural gas plants. Mitsubishi, which holds a 33.4% stake in Chiyoda, will provide the bulk of the new capital through a private placement of new preferred shares as well as loans. The share issue will not affect the trading house's voting rights, and Chiyoda is expected to remain publicly listed. MUFG Bank, an arm of Japanese megabank Mitsubishi UFJ Financial Group, will provide financing as well. Read more at: https://asia.nikkei.com/Business/Business-deals/Exclusive-LNG-plant-engineer-Chiyoda-to-gain-1.4bn-lifeline