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Report: TEPCO considering restructuring plan amid nuclear crisis

Oil&Gas Materials 23 April 2011 10:32 (UTC +04:00)
Tokyo Electric Power Co (TEPCO), which runs the damaged nuclear power plant in north-eastern Japan, is considering announcing plans to streamline operations as soon as this month, a news report said Saturday.
Report: TEPCO considering restructuring plan amid nuclear crisis

Tokyo Electric Power Co (TEPCO), which runs the damaged nuclear power plant in north-eastern Japan, is considering announcing plans to streamline operations as soon as this month, a news report said Saturday.

TEPCO, the operator of the Fukushima Daiichi plant, is facing lengthy struggles to bring the plant under control and mounting compensation payouts for damage arising from the accident, which was triggered by the March 11 earthquake and tsunami, DPA reported.

The company's efforts to reduce personnel expenses and asset sales are likely to play key roles in its restructuring, the Nikkei business daily said, citing unnamed company officials.

TEPCO has already proposed slashing workers' annual salaries by 20 per cent and those of executives by much more than 20 per cent, the Nikkei said.

Assets that could be on the chopping block include shareholdings in KDDI Corp and other companies, as well as real estate and non-core businesses at home and abroad, the daily said.

The company is also exploring unloading electricity businesses in Europe, the United States and Asia, the daily said.

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