Renesas Electronics Corp is making final arrangements to receive 50 billion yen (US$630 million) in loans from four banks, after major shareholders balked at a request from the loss-making Japanese chipmaker to inject fresh capital.
The company\'s major shareholders Mitsubishi Electric Corp , Hitachi Ltd and NEC Corp have agreed to provide loan guarantees for the company, the Mainichi said.
Renesas, the world\'s fifth-largest chipmaker and a product of successive mergers of the chip divisions of Mitsubishi Electric, Hitachi and NEC, had been planning to raise more than 100 billion yen in fresh capital and cut at least 12,000 jobs.
The company\'s major shareholders Mitsubishi Electric Corp , Hitachi Ltd and NEC Corp have agreed to provide loan guarantees for the company, the Mainichi said.
Renesas, the world\'s fifth-largest chipmaker and a product of successive mergers of the chip divisions of Mitsubishi Electric, Hitachi and NEC, had been planning to raise more than 100 billion yen in fresh capital and cut at least 12,000 jobs.