The Japan Times is reporting – via ZDNet and citing unnamed sources – that the struggling Sharp planning to raise about 100 billion yen (about $1.07 billion) through a public stock offerings in order to pay part of its 200 billion yen (about $2.14 billion) worth of convertible debt which is due this September.
The publication says that the company’s main creditor banks – Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ – both have signed off on the stock offer plan although both were first opposed the plan, making it the first step towards letting Sharp to recover. It is expected that Sharp now projects to return back on a group operating bases in the October to March period.
