Olympus Corp <7733.T> offered a plan to cut its debt by about 260 billion yen ($3.38 billion) over the next three years to maintain ties with creditors amid a deepening scandal, the Nikkei business daily reported.

The company also told creditors on Wednesday that its acquisition costs for U.K.-based medical devices maker Gyrus were overstated by 33.4 billion yen at the end of fiscal 2010, the business daily said.

In Olympus's first meeting with lenders since its cover-up of investment losses came to light, President Shuichi Takayama explained the still-emerging details to representatives from banks, insurers and other financial institutions, the Nikkei said.

Olympus proposed reducing its interest-bearing debt to 408.7 billion yen by fiscal 2014, the newspaper said.

The company may sell assets to repay debts, in addition to tapping cash reserves and cash flow, the daily said.

Sumitomo Mitsui Banking Corp was Olympus' top creditor as of September, with 227.5 billion yen in debt outstanding, the business daily said.

Bank of Tokyo-Mitsubishi UFJ with 142.8 billion yen and Mizuho Bank with 85.9 billion yen were next, the Nikkei said.

($1 = 76.950 Japanese Yen)

(Reporting by Shounak Dasgupta in Bangalore)