OSAKA, Sept. 6 (Xinhua) -- Japan's troubled Sharp Corporation mortgaged most of its office buildings and factories in the country, to secure fresh bank loans to stay in its LCD business amid a supply glut, local newspaper reported on Thursday.
The electronics manufacturer offered the properties, such as its Osaka headquarters building and its key plant in Kameyama City of Mie Prefecture, which produces liquid crystal display panels, as collateral for up to 150 billion yen (about 1.92 billion U.S. dollars) of credit from Mizuho Financial Group and Mitsubishi UFJ Financial Group, and the banks accepted the offer in the end of last month, the report said.
Meanwhile, Sharp is waiting for a cash injection from its Taiwanese business partner, Hon Hai Precision Industry Co..
The two companies were not able to reach a conclusion last week on how to revise the terms of their capital tie-up deal in March after an executive meeting held a week ago. Hon Hai Chief Executive Officer Terry Gou cancelled his attendance to a press conference planned after the meeting and returned to Taiwan.
Several reports say Hon Hai pushes to change the terms of the deal to take a 9.9 percent stake for 67 billion yen (about 840 million U.S dollars) in the Osaka-based electronics firm, whose shares dropped below 200 yen after it announced last month a huge loss.
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