Sharp Corp. is expected to incur about 200 billion yen about ($1.7 billion) in group net loss for the current fiscal year as it is considering additional restructuring steps, including the closure of four factories in Hiroshima Prefecture, sources close to the matter said Tuesday.
The sources said that the struggling Japanese electronics maker at the same time aims to strengthen its financial condition by requesting aid from two main creditor banks to increase its capital by around 175 billion yen through a debt-for-equity swap and other measures, according to Japan's (Kyodo) News Agency.
The expected loss will be far bigger than the 30 billion yen loss that the company currently expects for the fiscal year that ends this month and will represent a plunge from a profit of 11.6 billion yen it posted in the last fiscal year that ended in March 2014.