Nissan secures US$7.8 billion from creditors since April: filing

Nissan Motor Co has raised US$7.8 billion in financing from its creditors since April as it tries to shore up its cash position in the face of falling sales due to the coronavirus pandemic, its latest annual securities report shows.

In a filing to Japanese financial authorities on Monday, the automaker said it had raised a total of 832.6 billion yen , including 712.6 billion yen announced in late May to respond to the novel virus.Japan's No. 2 automaker is struggling to recover profitability after posting its first annual loss in 11 years, suffering from falling sales, a tarnished image and a deteriorating cash position even before the virus outbreak sapped global demand for cars.

Unveiling its recovery plan in late May, Uchida said improving cash flow would be Nissan's biggest challenge, though the company expected to have positive free cash flow in the second half of the current financial year, compared with a negative 641 billion yen in the year to March.

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