A $3 billion restructuring plan for Japanese electronics firm Sharp Corp is likely to be finalised as early as this week, a person with direct knowledge of the discussions said on Tuesday.
State-backed fund Innovation Network Corporation of Japan (INCJ) is leading the bailout, which would be Sharp's third major package in three years, and would invest more than 200 billion yen ($1.7 billion) in the plan, the source added, confirming earlier media reports.
The Osaka-based company is also asking Bank of Tokyo-Mitsubishi UFJ and Mizuho Bank to convert about 150 billion yen ($1.3 billion) of existing loans into preferred shares, said the source, who declined to be named as the discussions remained confidential. read more here