Japanese fund secures ¥1 trillion to buy Toshiba

Investment fund Japan Industrial Partners Inc. has secured about 1 trillion yen offered by a group of more than 10 Japanese companies, to acquire Toshiba Corp

However, Japan Industrial Partners Inc. failed to meet Toshiba's requirement of submitting a loan commitment letter from major banks by Monday, creating uncertainty about whether funds can be guaranteed for the 2.2 trillion yen takeover.

Japan Industrial Partners leads a consortium that Toshiba picked as the preferred bidder over state-backed Japan Investment Corp, a fund seeking to team up with Bain Capital for the buyout.