TEPCO shareholders approve government bailout

The power company behind Japans nuclear crisis got support from shareholders Wednesday for a decision to take 1 trillion yen $12.6 billion in public funds that effectively nationalizes the utility.

Meanwhile, activist shareholders including the Tokyo city government demanded more restructuring and safety improvements from Tokyo Electric Power Co., which owns the crippled Fukushima Dai-ichi nuclear plant.

Outgoing TEPCO Chairman Tsunehisa Katsumata told more than 4,000 shareholders who gathered at a national gymnasium in downtown Tokyo that the utility desperately needs taxpayer money to avoid insolvency. It faces huge compensation and cleanup bills.

“We are cutting to the bone to restructure,” he said, as shareholders yelled at him, criticizing him as clinging to the top post for more than a year after the crisis. Katsumata will be replaced by Kazuhiko Shimokobe, a lawyer who headed the companys restructuring plans.

Read the rest of the story: Japan nuke utility shareholders approve bailout.

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