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Publish Date : 08-Sep-2012

Banks are hammering out a refinancing plan for TV maker Sharp Corp without waiting for Hon Hai Precision Industry to agree to buy a stake in its struggling partner, sources at the lenders said, as talks between the Apple Inc suppliers pause.

Mizuho Financial Group Inc and Mitsubishi UFJ Financial Group Inc are aiming to arrange financing of as much as 300 billion yen (US$3.8 billion) for Sharp by as early September 20 in return for cost-cutting pledges and asset sales, two sources told reporter on condition they were not identified.

The plan, which will not cover a 200 billion yen convertible bond that matures in September next year, will go ahead with or without Hon Hai\'s capital injection, they said.

To recoup loans already made to Sharp, its banks need to continue financing the company in the hope it can stem losses and return to profit.

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