OSAKA (Kyodo) Sanyo Electric Co. shareholders Friday approved plans to reduce the company's huge debts and endorsed the reappointment of top executives, including Chairwoman Tomoyo Nonaka and President Toshimasa Iue.
The Osaka-based manufacturer of electrical goods and electronics logged its second straight year of heavy losses when it closed its books in March. It said last month that it fell deeper into the red during the last business year, posting a consolidated net loss of 205.66 billion yen.
At the start of the annual shareholders' meeting, Iue apologized for Sanyo's dismal performance.