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Sharp, Struggling to Survive, Provides Banks with a New Plan; Ratchets Up Painful Cuts

September 27, 2012 by Ted Leave a Comment

Photo of Sharp booth at CESSharp Corp., once a high flying superstar of Japanese manufacturing might, finds itself engaged in a multi-front battle for survival as it seeks to replenish its depleted capital reserves. Recently, the company had announced that it was negotiating a partnership deal that included the sale of factories and a capital investment from Taiwan’s Hon Hai Precision Industry Co. But these talks stalled when Sharp’s share price dropped to a value less than half the agreed-upon level.

Now, in a series of announcements, the company has submitted a new plan seeking the support of its banks by “upping the ante” in its restructuring plans, more than doubling staff cuts, selling off company assets, and offering several Sharp-owned properties as collateral – including its headquarters facility.

Sharp’s new plan cuts deeper and will be more painful…but is it enough?… [Read more…] about Sharp, Struggling to Survive, Provides Banks with a New Plan; Ratchets Up Painful Cuts

Filed Under: Asian Connection, Industry Trends, Management, Manufacturers, News, Pivot Point, Strategy Tagged With: Bloomberg, Fukuoka, Hon Hai Precision Industry Co., Japan, junk, Kyodo News, Mitsubishi UFJ Financial Group Inc., Mizuho financial Group Inc., Moody's Investor Service, Nagoya, Nikkei, Nippon Life Insurance Co., Recurrent Energy LLC, Resona Holdings Inc., Sapporo, Sharp, Standard & Poors, Taiwan, Terry Gou

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Ted Green Bio

A former dealer, manufacturer, distributor & more. Focusing on business strategy, my goal is to help you make better decisions for greater success.

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