Sharp, which also makes screens for Apple's iPad and iPhone, is in desperate need of a refinancing, as much as ¥360 billion, which translates into approximately $4.45 billion USD, of short-term commercial paper and will also need an additional ¥200 billion in September of next year to cover a maturing convertible bond.
Sharp, which is desperate for funds to refinance looming debt rollovers, is seeking more than ¥100 billion for its key solar panel plant, which is located in Sakai, Western Japan, as part of an asset sale, local media reported. In addition to that, Sharp may sell its buildings in Tokyo as well as television assembly plants in Poland, Malaysia and Mexico, according to a company source.
Kyocera Corporation, Daiwa House Industry Company and Daikin Industries Limited are just a few of the companies that have reportedly shown an interest in buying the copier and air-conditioner businesses according to reports from the Nikkei. Sharp also signed contracts with two overseas consulting firms to help it determine which assets to sell.
Sharp, which also makes Aquos televisions, will also sell its 0.6% stake in Japanese camera maker Olympus Corporation and is also leaning towards disposing of its 9.8% interest in lithium ion battery joint venture Eliiy Power Company, the Nikkei reported. Sharp said in a recent statement that it is considering a plethora of options to improve operations, though refused to comment further on the reports.
Source: Reuters - Sharp may sell copier, air conditioner businesses