Japan's Sharp plunges on bank aid report

Shares in Sharp tumbled almost 10 percent yesterday after a report said the struggling electronics maker will ask its two main lenders for aid, including a 150 billion yen debt-for-equity swap, as it considers closing money-losing businesses. Sharp plans to request aid from Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ, it said. The Nikkei also reported that Sharp is considering closing four domestic factories that produce electronic components, as well as withdrawing from its solar cell business. As the company writes off production equipment in unprofitable businesses, its net loss for the year ending in March is likely to exceed 100 billion yen, up from the company's own loss forecast of 30 billion yen, the business daily said.