(Bloomberg) -- Top Japanese banks are extending the deadline to issue commitment letters for a loan that backs Japan Industrial Partners Inc.-led consortium’s takeover offer for Toshiba Corp., according to people familiar with the matter.

The lenders are now looking to make a decision on the loans by Feb. 3 as discussions on the loan conditions including financial covenants are still ongoing, said the people, who asked not to be identified as the information is private.

Within the JIP-led consortium, chip maker Rohm Co. and financial services firm Orix Corp. are demanding JIP to pay back the preferred stocks portion of their investments before repaying bank loans should a takeover happen, the people said. However, the banks are disagreeing with the approach, they said.

The banks, including Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., have been discussing with the JIP group on the terms of the ¥1.4 trillion ($10.8 billion) loan. The lenders were targeting the end of this month to issue commitment letters, people familiar with the matter have said.

JIP has secured about ¥1 trillion of financing from about 20 potential co-investors including Rohm and Orix to back its offer, Bloomberg News has reported.

Shares of Toshiba have fallen about 3% this year, giving the conglomerate a market value of about $14.8 billion. Representatives for JIP and the banks declined to comment.

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