Sharp sells part of the assets and turns for help to the state
Renowned Japanese electronics maker Sharp has been feeling unwell the last few years.
On Sunday, it became known that the company turned for help to the private-state Japanese investment fund Innovation Network Corporation of Japan, according to the Kommersant publication.
The company hopes to sell its own production of LCD displays for about $ 830 million. The sale will last almost a year, resulting in a joint venture between the fund and the company, in which the latter will own about 60% and 40% will be managed by Innovation Network Corporation of Japan.
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Already in May of this year, Sharp will have to submit a full-scale anti-crisis plan developed by a special committee. Since 2010, the company's shares fell by 80%. In 2012, Japanese banks already provided assistance to Sharp, providing loans totaling $ 3 billion, but amid growing competition between Japanese, and more recently, South Korean and Chinese suppliers, the company continues to incur multimillion-dollar losses.
The company's creditors, including in the future, will appear not only the Japanese Ministry of Economy, Industry and Trade, which manages Innovation Network Corporation of Japan, but also the country's largest banks, Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ, are already demanding the sale of all unprofitable operations and operations as well as the maximum possible cost reduction. In mid-March 2015, Sharp announced the imminent reduction of 12% of the total workforce of a corporation.
On Sunday, it became known that the company turned for help to the private-state Japanese investment fund Innovation Network Corporation of Japan, according to the Kommersant publication.
The company hopes to sell its own production of LCD displays for about $ 830 million. The sale will last almost a year, resulting in a joint venture between the fund and the company, in which the latter will own about 60% and 40% will be managed by Innovation Network Corporation of Japan.
')
Already in May of this year, Sharp will have to submit a full-scale anti-crisis plan developed by a special committee. Since 2010, the company's shares fell by 80%. In 2012, Japanese banks already provided assistance to Sharp, providing loans totaling $ 3 billion, but amid growing competition between Japanese, and more recently, South Korean and Chinese suppliers, the company continues to incur multimillion-dollar losses.
The company's creditors, including in the future, will appear not only the Japanese Ministry of Economy, Industry and Trade, which manages Innovation Network Corporation of Japan, but also the country's largest banks, Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ, are already demanding the sale of all unprofitable operations and operations as well as the maximum possible cost reduction. In mid-March 2015, Sharp announced the imminent reduction of 12% of the total workforce of a corporation.
Source: https://habr.com/ru/post/289288/
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