Electronics giant, Sharp Corp. announced that it?s offering almost all of its Japanese real estate including the Osaka headquarters as collateral to get new bank loans up to 150 billion yen or $1.9 billion from two of its main creditor banks.
The plan to use real estate as collateral for bank financing excludes some properties in Tokyo. However, a company spokesperson stated that the properties to be used as collateral include the real estate for its Osaka headquarters and its main factories that produce display panels for mobile phones and tablets.
Sharp Corp.?s two main banks, The Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank are said to be offering up to 75 billion each in new financing. Meanwhile, financial reports show that Sharp sits on 1.25 trillion yen in interest-bearing debt. The company is also considering selling some other assets in Japan and overseas to cope with a strong yen, falling prices, heavy labour costs and fierce competition from foreign rivals.
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Source: http://www.realestate.co.jp/2012/09/07/struggling-sharp-offers-osaka-headquarters-for-loan/
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