Resona Said to Join Sharp Loan Group With 20 Billion Yen Funding
Resona Holdings Inc. (8308) will join Japanese lenders offering 360 billion yen ($4.4 billion) of emergency loans to TV maker Sharp Corp. (6753), three bank officials with knowledge of the matter said.
Mitsubishi UFJ Trust & Banking Corp., Mizuho Trust & Banking Co. and Resona’s banking unit are holding talks on a plan under which Resona would provide 20 billion yen and the two trust banks would each offer 10 billion yen to loans announced in September, the officials said, asking not to be named because the discussion is confidential.
Sharp, the manufacturer cutting more than 10,000 jobs as it tries to return to profit, secured 180 billion yen in collateralized loans through its main lenders Mizuho Corporate Bank Ltd. and Bank of Tokyo-Mitsubishi UFJ Ltd., it said on Sept. 28. Osaka-based Sharp also got a 180 billion yen credit facility that expires at the end of June.
Japan’s Yomiuri newspaper reported the three banks’ contribution to the emergency loan yesterday, without citing anyone.
Shinya Matsumoto, a spokesman for Mitsubishi UFJ Financial Group Inc. (8306), which houses the trust banking unit, declined to comment. Michio Nagano, a Tokyo-based spokesman for Mizuho Trust, and Kunio Matsui, a spokesman for Resona, also declined to comment.