Ailing Sanyo Securities Co. disclosed Sept. 26 that it is seeking additional financial assistance from the three banks with which it has close ties in an effort to improve its balance sheets.
The possibility of raising fresh capital through a third-party allocation of new Sanyo shares is one option currently under consideration in talks with the Bank of Tokyo-Mitsubishi, Daiwa Bank and Nippon Credit Bank, top Sanyo executives said. Sanyo also needs to devise a solid plan to resurrect its operations. This was the condition under which the nation’s top nine life insurance firms agreed in July to extend by three months the July 31, 1998 deadline for repayment of their subordinated loans to Sanyo.
Unable to view this article?
This could be due to a conflict with your ad-blocking or security software.
Please add japantimes.co.jp and piano.io to your list of allowed sites.
If this does not resolve the issue or you are unable to add the domains to your allowlist, please see out this support page.
We humbly apologize for the inconvenience.