Japan's Sharp to unveil revival plan on May 14-sources
TOKYO, April 2
TOKYO, April 2 (Reuters) - Japan's Sharp Corp will unveil a business plan on May 14 that will outline how the display panel maker will revive its business and bolster its finances, two sources familiar with the plan said on Tuesday.
Sharp, which supplies screens to Apple Inc for its iPhone 5, will release the plan when it announces business results for the year that ended March 31, the sources told Reuters on condition they were not identified.
Bailed out by banks including Mizuho Financial Group and Mitsubishi UFJ Financial Group last year, Sharp needs to raise cash before September to pay a $2.14 billion convertible bond.
Sources at Sharp and its banks, as well as analysts, have told Reuters they expect the Osaka-based company will resort to equity financing to make up any shortfall after it adds up available cashflow and gains from asset sales and cash from investors, including Qualcomm Inc and Samsung Electronics Co.
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