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)