Printed from http://www.electronista.com

Sharp seeking $1 billion bailout loan for debt maturity payouts

updated 08:51 pm EDT, Wed May 1, 2013

New loans and extensions puts sharp 800 billion yen in debt

A pair of Japanese banks are considering a 100 billion yen ($1 billion) bailout loan to Sharp, to help it meet an upcoming bond redemption. The electronics manufacturer has nearly $2 billion in convertible bonds, similar to Apple's current offering, maturing in September. Lenders Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ are also giving Sharp an extension on 360 billion yen in lending that matures in June. The offerings by the banks puts Sharp in the red to the two banks to just over $8 billion.

The iPad and iPod screen manufacturer is expected to post a larger-than-forecast loss for the year that ended March 31. According to reports, low factory output and some reported cuts in orders forced excess capacity losses. To prevent further issues, the banks are sending executives to the company to help with "rehabilitation and investing" according to Nikkei sources.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Adesso Compagno X Bluetooth keyboard

The shift from typing on physical keyboards to digital versions on smartphones and tablets hasn't been an easy for many consumers. Fro ...

Polk Audio 4 Shot headset

Sound quality and design are two of the biggest areas of focus for manufacturers when coming up with a new gaming headset. Depending o ...

Patriot Supersonic Phoenix USB 3.0 drive

USB thumb drives aren't the end all solutions for data transfer and traveling needs. Sometimes people want something with a little mor ...

Sponsor

toggle

Most Commented

 
toggle

Popular News