Japan’s Hokkaido Electric Power seeks $486mn bailout

Hokkaido Electric Power Co. is looking for a 50 billion yen ($485.5 million) bailout from a Japanese-owned lender.

The utility reportedly asked Development Bank of Japan to buy preferred shares in the company to help it recover from the 2011 disaster in Japan, according to Reuters.

Hokkaido follows Tokyo Electric Power Co. as the second Japanese utility to be bailed out. TEPCO received 1 trillion yen, or $12.8 billion, from the government in July 2012 and placed the company under state control following the disaster at its Fukushima Daiichi nuclear power plant in 2011.

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