Mitsubishi UFJ Fin. : Sharp secures $4.6 billion loan to stay afloat

TOKYO (Reuters) - Japan's Sharp Corp (>> Sharp Corporation) said on Friday that it secured a syndicated loan agreement worth 360 billion yen ($4.6 billion)with main lenders Mizuho Financial Group (>> Mizuho Financial Gr.) and Mitsubishi UFJ Financial Group (>> Mitsubishi UFJ Fin.), to cover operating costs until the end of June next year.

TOKYO (Reuters) - Japan's Sharp Corp (>> Sharp Corporation) said on Friday that it secured a syndicated loan agreement worth 360 billion yen ($4.6 billion)with main lenders Mizuho Financial Group (>> Mizuho Financial Gr.) and Mitsubishi UFJ Financial Group (>> Mitsubishi UFJ Fin.), to cover operating costs until the end of June next year.

The struggling TV maker and supplier of liquid crystal displays to Apple Inc (>> Apple Inc.) has been in talks with its banks to secure funds for survival in exchange for drastic cost cuts, including selling overseas TV assembly plants and shuttering solar panel operations abroad.

(Reporting by Mayumi Negishi; Editing by Joseph Radford)

Stocks treated in this article : Sharp Corporation, Mitsubishi UFJ Fin., Mizuho Financial Gr., Kingcan Holdings Limited, Apple Inc.