September 28, 2012 / 12:22 AM / 6 years ago

Sharp secures $4.6 billion loan to stay afloat

Sharp's logo is seen behind a traffic sign outside an electronics shop in Tokyo September 7, 2012. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) - Japan’s Sharp Corp (6753.T) said on Friday that it secured a syndicated loan agreement worth 360 billion yen ($4.6 billion)with main lenders Mizuho Financial Group (8411.T) and Mitsubishi UFJ Financial Group (8306.T), to cover operating costs until the end of June next year.

The struggling TV maker and supplier of liquid crystal displays to Apple Inc (AAPL.O) 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

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