Nissan received record 130 bil. yen state loan guarantee
Nissan received record 130 bil. yen state loan guarantee

Nissan Motor Co. received a record 130 billion yen ($1.2 billion) state loan guarantee in May from the Development Bank of Japan as part of its coronavirus relief fund, sources familiar with the matter said Monday.The guarantee covers part of the 180 billion yen loan that the state-affiliated financial institution extended to help the struggling Japanese automaker weather the pandemic’s blow to sales already hurt by restructuring following the aggressive expansion sought by former boss Carlos Ghosn. If Nisan defaults on the loan, the government will shoulder up to 80 percent, or about 100 bill…

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