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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 MacNN Staff




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