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March 23, 2015

LCD unit not for sale, says Sharp

Japanese electronics company is reportedly negotiating with banks for bailout package.

By CBR Staff Writer

Japanese company Sharp has denied reports that it is looking to sell its LCD unit, as the company discusses bailout plan with lenders.

After Japanese daily Sankei reported that the company is considering to sell its LCD unit, the company said in a statement, "This is not something we announced, nor is it something we are considering."

The electronics company is already in negotiation with the Bank of Tokyo-Mitsubishi UFJ and Mizuho Financial Group’s Mizuho Bank to work out a rescue plan for the loss making company.

There also reports that the company is looking to exit from the North American TV manufacturing business to secure a bailout package from the banks.

As part of restructuring, the company is reportedly considering to cut 12% of its workforce, Reuters reported.

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