Snow Brand talks to its banks

- Last updated on GMT

Related tags: Snow brand, Newspaper

Japanese dairy product maker Snow Brand Milk Products, which has
been at the centre of a number of scandals in recent months, said
it is negotiating with its main lenders on steps to strengthen its
financial standing.

Japanese dairy product maker Snow Brand Milk Products, which has been at the centre of a number of scandals in recent months, said it is negotiating with its main lenders on steps to strengthen its financial standing.

The company stressed that no decision has as yet been made, however.

Snow Brand confirmed the talks with its banks after a report in Japanese newspaper Mainichi Shimbun​ which claimed that the company was likely to avoid falling into a negative net worth following an agreement with its creditor banks.

The paper claimed that the deal had already been done, and that the banks had agreed to give the company ¥50 billion (€429m) in financial assistance.

Another paper, the Yomiuri Shimbun​ reported Snow Brand's losses from restructuring would total ¥80 billion in the current fiscal year.

Snow Brand said it was currently drawing up a restructuring plan, which it would publish on 23 May, the same day as it is due to publish its latest annual results and its predictions for the current year.

Related topics: Manufacturers

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