Toshiba Corp. (TOSBF) told bankers involved in the $18 billion sale of its semiconductor chip unit that it hasn't closed because buyer group member Apple Inc. (AAPL) - Get Apple Inc. (AAPL) Report has not yet agreed to the terms of the deal, according to Reuters.
Toshiba announced last Wednesday, Sept. 20 that it would sell the lucrative chip unit to a group led by Bain Capital, expecting the deal to close the next day. The deal is set to be the culmination of a nine-month search for a buyer and serve as a financial windfall that will keep struggling Toshiba trading on the Tokyo Stock Exchange.
The deal has not yet closed, forcing Toshiba to ask lenders to roll over $6.1 billion in credit lines set to expire Sept. 30. At the same time, lenders have demanded Toshiba sign a definitive deal as a condition for funding.
Toshiba stock traded over-the-counter finished down 3.3% on Friday, Sept. 22. Toshiba's Toyo-listed shares finished trading down 0.33% on Monday. Apple stock was trading down 1% premarket Monday to $150.46.
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