Before:
– S&P Cuts TEPCO’s Credit Rating To Junk (Likelihood Of A Default Increased To 53 Percent)
– Tepco Closes Down 27.6% — Its Worst Day Yet — After Talk Of Bankruptcy (Business Insider, June 6, 2011):
Tokyo Electric shares fell a record 27.6 percent today on talk of bankruptcy. Since the March 11 earthquake, Tepco shares are down 90 percent.
The head of Tokyo Stock Exchange, Atsushi Saito, was quoted as saying he thought Tepco should go through a court-led restructuring. An exchange spokesman explained that this was Saito’s personal opinion, according to Reuters.With Tepco crashing, the Nikkei average closed at an 11-week low.
Meanwhile more trouble at Fukushima. Radiation jumped to record levels at reactor No. 1 and pools of radioactive water are on the verge of flooding.