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Shares of Japan's Sharp jump on report banks may offer more aid
[TOKYO] Shares in Japan's Sharp Corp rose as much as 8 per cent on Friday after a report that its banks were considering offering more aid to the struggling electronics maker.
TV Asahi reported that Sharp's main lenders were considering additional aid, including debt forgiveness, worth "hundreds of billions of yen".
The report comes as Sharp struggles to turn around its business despite a US$1.7 billion rescue in May, Sharp's second major package in three years.
Sources said last month that Japan's state-backed fund, Innovation Network Corp of Japan (INCJ), asked Sharp's banks to forgive some of the company's debt in return for investment.