Sharp bailout deal agreed
 

Japan’s Sharp and its main banks are about to agree on a $1.7 billion rescue and restructuring plan which involves splitting off its ailing smartphone display business.

This will be Sharp’s second major bailout in three years. Under the deal Sharp’s lenders, Mizuho Bank and Bank of Tokyo-Mitsubishi, will inject a combined $1.7 billion in a debt-for-equity swap.

Sharp has promised to scale back its North American television operations and cut around 5,000 jobs, or 10 percent of its global workforce.

LCD operations will also be split off in the long term but for now will continue to be owned by Sharp.

http://www.techeye.net/business/shar...ut-deal-agreed