Japan consortium explores other options for Toshiba restructuring

A Japanese consortium chosen in the first round of bids to restructure Toshiba Corp. has decided to explore other options, Kyodo news reported on September 21.

Japan Investment Corp (JIC) is considering a second proposal for Toshiba, breaking off with Japan Industrial Partners (JIP), Reuters reports.

Conglomerate Toshiba is looking at a number of restructuring plans, including going private.

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, Orix Corp and Central Japan Railway Co (9022.T) to participate in its consortium, the Nikkei newspaper reported on September 18.

JIP also contacted Nippon Life Insurance Co to join the consortium for Toshiba's restructuring plan.

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.