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 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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