Japan Government Tells TEPCO To Slash Costs To Pay For Compensation
The government panel overseeing TEPCO has requested more drastic cost cutting measures in order to fund compensation to victims of the nuclear disaster. METI minister Yukio Edano has final say on the plan. “Tepco, its shareholders, bondholders and creditor banks should share in the compensation costs” Bankruptcy reorganization has been ruled out as an option.
Contractor costs were also cited as a key to cost cutting. “The effects of Tepco’s restructuring are likely to be felt most intensely by suppliers who are used to making oversize profits out of business with Tepco,” said a senior official of METI.
Salaries have already been slashed 20% for workers, 50% for executives and 100% for the president and chairman
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