Sharp Corp. said Friday it has reached a deal to receive a 360 billion yen ($4.64 billion) syndicated loan, helping keep the struggling electronics maker's operations afloat amid an apparent standstill in talks with Taiwan's Hon Hai Precision Industry Co. (2317.TW) over a previously agreed capital injection.
Osaka-based Sharp said the terms of the loan, which was made with Bank of Tokyo Mitsubishi UFJ acting as arranger and Mizuho Corporate Bank acting as agent, will run until June 30.
The loan, comprising a Y180 billion term loan and a Y180 billion credit facility, means Sharp can meet a deadline to strengthen its finances before the end of September, when it has to redeem the bulk of its Y360 billion in commercial paper.
Squeezed between the strength of the yen, undermining exports, and intensifying competition from fast-growing regional rivals, Sharp has joined a swath of Japanese consumer electronics companies like Sony Corp. and Panasonic Corp. in embarking on major restructuring programs after racking up billions of dollars in losses.
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(Jiji Press )