Japanese electronics maker Sharp Corp seeks aid from main lenders

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Japanese consumer electronics maker Sharp Corp
Japanese consumer electronics maker Sharp Corp

Struggling Japanese consumer electronics maker Sharp Corp plans to seek aid from two main lenders as it expects its third annual net loss in four years, a report said Tuesday.

Japanese consumer electronics maker Sharp Corp
Japanese consumer electronics maker Sharp Corp

The aid includes a 150-billion-yen (1.25-billion-dollar) debt-for-equity swap to shore up its capital for much-needed restructuring, the Nikkei business daily reported without citing any sources.

Sharp will announce additional restructuring measures in May, including the closure of four plants in western Japan, the report said.

Sharp said in February it expected a net loss of 30 billion yen for the current financial year through the end of March due in part to falling sales of TV and smartphone displays amid price competition with Chinese and South Korean rivals.

GNA

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