Reuters: Technology News: Lenders eye $1 billion credit line for Sharp: Nikkei

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Lenders eye $1 billion credit line for Sharp: Nikkei May 1st 2013, 18:19 Tweet Share this Email Print Related News Dollar drops versus yen after BoJ, disappointing U.S. GDP Fri, Apr 26 2013 Dollar falls from four-year peak versus yen after U.S. data Fri, Apr 12 2013 Nikkei retreats from near five-year high, but up 5.1 percent on week Fri, Apr 12 2013 Dollar dips vs. yen but 100 in sight, Fed minutes eyed Tue, Apr 9 2013 Bank of Japan bond buying pressures yen; U.S. stocks rise Mon, Apr 8 2013 Analysis & Opinion Tokyo Sonata calls the tune for investors Why Abenomics is leading to a squid shortage in Japan A woman walks past the Sharp Corp's Logo at a train station in Tokyo March 6, 2013. Credit: Reuters/Yuya Shino Wed May 1, 2013 2:19pm EDT (Reuters) - Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ are considering a roughly 100 billion yen ($1 billion) credit facility to help electronics manufacturer Sharp Corp meet an upcoming bond redemption, the Nikkei said. The banks are close to creating a credit line to ensure that Sharp can meet redemption requests for roughly 200 billion yen in convertible bonds maturing in September, the Japanese daily said. In addition, the lenders will give Sharp an extension on 360 billion yen in collateralized lending that matures in June. The new lending facility will bring the total credit extended to Sharp by the two banks to around 800 billion yen, the daily said. Sharp, which supplies Apple Inc with screens for its iPhone and iPad, will post a bigger-than-forecast net loss for the year ended March 31, in part because low output at its factories forced it to write off excess capacity, two sources with knowledge of the result told Reuters on Wednesday. Mizuho had already announced its intention to send high-ranking officials from group firms to Sharp to serve as directors or take similar posts. Bank of Tokyo-Mitsubishi has decided to follow suit and will send former executives well-versed in rehabilitation and investing, the Nikkei said. ($1 = 97.3450 Japanese yen) (Reporting by Aditi Shrivastava in Bangalore; Editing by Maju Samuel) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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