SANYO raised $2 billion 500 million restructuring plan to get rid of the traditional electronic self-help

According to foreign media reports, Japan's third largest home appliance maker SANYO recently announced in the first half of the fiscal year net loss of $1 billion 200 million, the annual loss is expected to increase 2/3. Later, the company announced that it would issue shares to Goldman Sachs and other shareholders to raise 300 billion yen ($2 billion 500 million) of funds to help themselves, it also announced that it would reduce its chip and home appliance business. SANYO on Friday also said it is negotiating with several companies, plans to sell its financial business and OLED (organic light-emitting diode) business, and will stop selling TV in japan.

SANYO CEO Ige Toshiya told reporters: "we have no way back, if you continue to make things worse, we will become SANYO sinners. This is SANYO's last chance to perk up."

Ige Toshiya served as president from June this year, he subsequently launched a 3 year restructuring plan, including layoffs of 14 thousand people, 20% of the sale of land, the company's $10 billion debt reduced by half.

In addition to Goldman Sachs, SANYO will also be issued to the Sumitomo Mitsui Banking Corporation, SMBC, a large and Securities Group's investment department and other existing shareholders. Sumitomo Mitsui is the main partner of SANYO.

After the news, SANYO shares rose 2.46% to close at 292 yen. Although the performance is still poor, but due to the support of the Bank Consortium, SANYO's stock has risen momentum this month.

In the face of criticism of SANYO's product line is too long, some investment failed to produce benefits, SANYO said from an electronics company transition to focus on environmental and energy products company, it plays an important role in lithium-ion batteries and solar battery advantages.

SANYO will work with Chinese companies to re create the TV business, and with former allies to re focus on the development of high-end and commercial products, such as for the display of refrigerated containers.

In addition, SANYO will sell its semiconductor business, and reduce investment in DRAM and flash memory and other non-profit projects, instead focused on the production of TV decoders and plasma TV driver chips.