Sharp Surges Third Day After Reports Banks May Forgive Loans
By-
Debt amnesty may pave way for stake by government-backed fund
-
INCJ has been said to be considering a stake in display maker
Sharp Corp. climbed in Tokyo trading for its biggest three-day gain in more than two years after reports the debt-strapped display maker’s main lenders were considering forgiving loans to facilitate an investment by a government-backed investment fund.
The shares surged 14 percent to 150 yen, bringing their three-day gain to 25 percent, the most intraday since May 2013, as of the 11:30 a.m. trading break in Tokyo.
Sharp has endured more than 1.2 trillion yen ($9.8 billion) in losses over the past four financial years after lower-cost South Korean and Chinese rivals undercut its core business making liquid crystal-display televisions. The company remains dependent on its main lenders Mizuho Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. for survival, even after the banks accepted shares in the company in exchange for debt…
Sharp Surges Third Day After Reports Banks May Forgive Loans
