Renesas gets $1.5 bln bailout from govt, customers

TOKYO, Sept 30 Mon Sep 30, 2013 2:27am EDT

TOKYO, Sept 30 (Reuters) - Japanese chipmaker Renesas Electronics Corp received on Monday the 150 billion yen ($1.53 billion) bailout pledged last year by a government-led fund and major customers to aid the company's restructuring efforts.

Eight of Renesas' customers, including Toyota Motor Corp , Panasonic Corp and Nissan Motor Co Ltd paid just over 12 billion yen through a third-party share allocation and the government-led fund contributed the rest.

Hit by slumping orders and competition from competitors such as Samsung Electronics Co Ltd, Renesas was given a lifeline from the government-led fund last December to counter an earlier bid by U.S. private equity firm KKR & Co LP. ($1 = 98.2550 Japanese yen) (Reporting by Sophie Knight; Editing by Miral Fahmy)

FILED UNDER: