Sharp mortgages offices and factories to secure loans

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According to a Reuters report electronics manufacturer Sharp has mortgaging almost all of its domestic offices and factories in order to secure the loans that the company needs to stay in business.

Included in the properties which are being offered as collateral to Mizuho Financial Group and Mitsubishi UFJ Financial Group is the facility that is supposedly involved in making displays for Apple’s new iPhone. The mortgaged properties comprise “almost all the business sites owned by Sharp in Japan” according to company spokeswoman Miyuki Nakayama.

The company is looking to secure a loan of 150 billion yen ($1.92 billion) while it waits for the Hon Hai Precision Industry to conclude an agreement to buy a 9.9% stake in the company.

Source: CNET

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