A consortium led by Tokyo-based fund Japan Industrial Partners Inc. has made a final proposal to buy Toshiba Corp., with its offer price expected to reach about 2 trillion yen ($15 billion), sources familiar with the matter said Thursday.

JIP received commitment letters from banks offering to lend about 1.4 trillion yen, which will give the consortium sufficient funding to go ahead with the takeover, the sources said.

The banks approved the loan with a stipulation they can install directors on Toshiba's board to ensure the company is managed in a way that does not jeopardize the consortium's ability to repay the debt, they said.

Five banks have so far promised to provide funding to JIP, with Sumitomo Mitsui Banking Corp. offering 515 billion yen, Mizuho Bank 460 billion yen, and Sumitomo Mitsui Trust Bank 220 billion yen. MUFG Bank and Aozora Bank also joined the scheme.

About 20 Japanese companies including Orix Corp. and Rohm Co. are expected to invest a total of about 1 trillion yen into Toshiba as part of the consortium which will also delist the company.

Toshiba has been struggling to recover from a spate of problems in the 2010s such as a scandal in which it overstated profits through misrepresented financial filings. It also incurred massive losses in its U.S. nuclear business in the period.

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