TweakTown
Tech content trusted by users in North America and around the world
5,671 Reviews & Articles | 36,049 News Posts

Sharp lands $4.6 billion financial deal - stays afloat for now

Sharp confirms $4.6 billion financing deal, gets bailed out by Japanese investors

| Business, Financial & Legal News | Posted: Sep 28, 2012 7:28 am

Sharp have confirmed that they have closed an agreement which will see $4.6 billion in financing to help bail the Japanese company out of some serious financial problems. Sharp's investor site details the "working capital loan" will have Mizuho Corporate Bank and Bank of Toyota-Mitsubishi UFJ lend Sharp 180 billion yen.

 

TweakTown image news/2/5/25975_01_sharp_lands_4_6_billion_financial_deal_stays_afloat_for_now.jpg

 

This is all part of a contract that ends on June 30 2013, including an equal sum in credit. Sharp was in dire need of this plan to move forward, who produces parts for Apple's iPhone 5, as well as many other products. Sharp are also still trying to ink an investment deal with Hon Hai that would see the Foxconn parent company take up a 9.9% stake in the company.

 

Sharp are still waiting for the Hon Hai deal to happen, and in the meantime have mortgaged nearly all of their Japanese factories, generating $1.92 billion in credit. By getting rid of their assets, Sharp hopes to generate around $2.74 billion by March 2013. On top of this, they have already culled 5,000 jobs, and are looking to get rid of another 11,000 staff soon.

NEWS SOURCE
Thenextweb.com

Related Tags

Further Reading: Read and find more Business, Financial & Legal news at our Business, Financial & Legal news index page.

Do you get our news RSS feed? Get It!

Post a Comment about this news

Latest Tech News Posts

View More News Posts

Latest Downloads

View More Latest Downloads

TweakTown Web Poll

Question: Did EA kill the Battlefield franchise with the terrible BF4 issues?

Yes, Battlefield is doomed

No, Battlefield will live on strong

I'm not sure, but I know EA needs to improve its game

or View the Results

View More Polls

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases
Get TweakTown updates via Facebook!
Just click the "Like" button below