facebook
twitter
rss
account
search
search
 

Report: Creditor banks plan $1.5 billion in new loans to Sharp

May 8, 2013 at 1:53 AM   |   Comments

TOKYO, May 8 (UPI) -- Japanese electronics maker Sharp Corp. is likely to get 150 billion yen in new loans from its main creditor banks, sources told Kyodo News Wednesday.

The report, quoting sources close to the developments, said Mizuho Corporate Bank and the Bank of Tokyo-Mitsubishi UFJ had earlier planned on a 100 billion yen additional credit line but plan to raise it to 150 billion yen ($1.51 billion) to help the Osaka-based company, a leading maker of liquid crystal displays, rebuild its business and recover earnings at the earliest.

Additionally, the Bank of Tokyo-Mitsubishi UFJ plans to send Yoshihiro Hashimoto, president of Mitsubishi UFJ Capital Co., to serve as an executive-level officer at Sharp, the report quoted the sources as saying.

Kyodo said Sharp plans to use the funds under the credit line to repay some of its 200 billion yen ($2.018 billion) in convertible debt due at the end of September.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
2
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
3
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
4
Tony Hayward: Kurdish oil sector open for business Tony Hayward: Kurdish oil sector open for business
5
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
Trending News
Video
x
Feedback