Japan's Sharp Corp offers headquarters for loans
TOKYO (AFP) - Cash-strapped electronics giant Sharp Corp said on Thursday it was offering nearly all of its Japanese real estate - including its Osaka headquarters - as collateral to win fresh bank loans.
The unusual move comes as Sharp looks to stem massive losses that have pounded its share price and thrown into doubt a deal that would see Taiwan's Hon Hai Precision inject some desperately needed money into the Japanese firm.
The plan to use real estate as collateral for bank financing worth up to 150 billion yen (S$2.4 billion) excludes some properties in Tokyo's suburbs that the firm wants to sell, a Sharp spokeswoman said.
However, it does include the century-old television and smartphone maker's headquarters in western Japan and domestic production factories.