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.