Tepco tumbles on fresh bankruptcy fearsPosted: 06 Jun 2011 13:48


Cooler King
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Shares of Tokyo Electric Power, operator of Japan’s Fukushima Daiichi nuclear plant, suffered a renewed sell-off after the president of the Tokyo Stock Exchange said the troubled utility should be allowed to go bankrupt.

“Tepco should be dealt with using the same court-sponsored process as was used with Japan Airlines,” Atsushi Saito was quoted as saying in an interview with Asahi Judiciary, an online magazine published by the Asahi newspaper, Japan’s second-biggest daily newspaper by circulation. “With political leadership, it would be possible.”

JAL filed for bankruptcy protection last year and is being restructured with financial support from the Japanese government.

Tepco’s stock plunged 28 per cent on Monday to Y207 after Mr Saito’s comments, which were published on the Asahi Judiciary website on Friday. Tepco has lost 90 per cent of its market value since Fukushima Daiichi was wrecked by Japan’s earthquake and tsunami on March 11.
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