A Japanese state-backed fund and Sharp's (6753.T) lenders are likely to agree on a new rescue plan worth around 650 billion yen ($5.5 billion) for the struggling display maker by next weekend, sources with direct knowledge of the matter said on Friday.
The plan would represent the third bailout in as many years for Sharp which must also weigh a proposal from Apple supplier Foxconn (2317.TW). The state-backed fund, Innovation Network Corporation of Japan, is widely seen as the frontrunner to rescue Sharp as the government would like to keep its technology in Japanese hands.
INCJ is offering to invest 300 billion yen in Sharp, while banks were expected to offer up to 350 billion yen in financing including 150 billion yen in a debt-for-equity swap, the sources told Reuters. read more here