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End in sight for Sharp's restructuring?

Japanese Sharp is closing in on finalising its USD 3 billion restructuring plan – the overhaul is reportedly likely do be completed this week.
This is the third time that Sharp Is going through a major bailout in three years. The bailout is led by Innovation Network Corporation of Japan – which is investing more than USD 1.7 billion in the restructuring plan, a person with insight in the matter told Reuters.

Sharp has reportedly asked Bank of Tokyo-Mitsubishi UFJ and Mizuho Bank to convert about USD 1.3 billion of existing loans into preferred shares, the report continues.

The Japanese company has been looking – and talking with various companies – about the future of its LCD business, but no decision has yet been reached.

In an official response to the media reports the Japanese company states that that the information regarding a possible sale of its LCD and the request for additional financial support is “not based on Sharp’s announcement.”

The company does however confirm that it is continuing negotiations with other companies regarding fundamental structural reforms of its LCD panel business.


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