Sharp bailout deal agreed

Stefan Mileschin · 17th April 2015, 06:42

Japan’s Sharp and its main banks are about to agree on a $1.7 billion rescue and restructuring plan which involves splitting off its ailing smartphone display business.

This will be Sharp’s second major bailout in three years. Under the deal Sharp’s lenders, Mizuho Bank and Bank of Tokyo-Mitsubishi, will inject a combined $1.7 billion in a debt-for-equity swap.

Sharp has promised to scale back its North American television operations and cut around 5,000 jobs, or 10 percent of its global workforce.

LCD operations will also be split off in the long term but for now will continue to be owned by Sharp.

http://www.techeye.net/business/shar...ut-deal-agreed

17th April 2015, 06:42	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 153,514	Sharp bailout deal agreed Japan’s Sharp and its main banks are about to agree on a $1.7 billion rescue and restructuring plan which involves splitting off its ailing smartphone display business. This will be Sharp’s second major bailout in three years. Under the deal Sharp’s lenders, Mizuho Bank and Bank of Tokyo-Mitsubishi, will inject a combined $1.7 billion in a debt-for-equity swap. Sharp has promised to scale back its North American television operations and cut around 5,000 jobs, or 10 percent of its global workforce. LCD operations will also be split off in the long term but for now will continue to be owned by Sharp. http://www.techeye.net/business/shar...ut-deal-agreed

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