Mitsubishi secures new bank loan

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Struggling Mitsubishi Motors has secured a 56bn yen ($485m; Â£250m) loan as it continues efforts to improve its finances and turn itself around.

The loan is part of ongoing restructuring plans, and comes a year after German-US firm DaimlerChrysler sold a minority stake in the carmaker.

DaimlerChrysler decided to pull out of the Japanese firm in the wake of a recall scandal at Mitsubishi.

In 2004, Mitsubishi admitted it had hidden faults to avoid bad publicity.

Japan's only loss-making carmaker, Mitsubishi has secured the latest loan from a group of financial institutions.

The firm is now continuing its recovery work, and reported a smaller-than-expected loss for the six months from April to September.

It hopes to return to profit for the full financial year ending March 2007.