Panasonic takes out 7.6 billion USD loan

The loans are welcome news for Panasonic, which suffered heavy losses last fiscal year. The Nikkei daily reports that four banks make up the 7.6 billion USD the company has secured, with Sumitomo Mitsui Banking providing the largest portion. Panasonic isn’t the first Japanese electronics company to receive a well needed hand from the banking sector this year, however the company has received the largest loan package so far. Last month Sharp took a 4.6 billion USD loan.