September 12, 2018 / 12:58 AM / 10 days ago

Pioneer secures $540 mln in funding from HK's Baring Private Equity

TOKYO, Sept 12 (Reuters) - Japan’s struggling Pioneer Corp on Wednesday said it had secured up to 60 billion yen ($540 million) in funding from Hong Kong-based fund manager Baring Private Equity Asia (BPEA).

The consumer electronics maker said in a statement it would issue around 50 billion to 60 billion yen worth of stock to BPEA by the end of December. It will receive 25 billion yen in a bridge loan on Sept. 18 which would be later paid back when the stock is issued.

Pioneer is facing a repayment deadline for bank loans this month. The Nikkei business daily reported on Tuesday that it has been strapped for cash as its automotive GPS business struggles. ($1 = 111.5000 yen) (Reporting by Ran Kim and Naomi Tajitsu; Editing by Edwina Gibbs)

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