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Sharp to get bank nod for $2.7 billion in new loans as early as Thursday: sourceUS-SHARP-LOANS:Sharp to get bank nod for $2.7 billion in new loans as early as Thursday: source
TOKYO (Reuters) - Cash-strapped Sharp Corp will win approval from its banks as early as Thursday for much as 210 billion yen ($2.7 billion) in fresh loans with a plan that commits the loss-making company to return to profit, a source at one of its main lenders said on Tuesday.
Sharp has already submitted its proposed revival plan which must outline how it will make a profit in the six months starting Oct 1 and beyond, the source told Reuters on condition he isn't identified.
The maker of Aquos TVs has to repay as much as 360 billion yen of short-term commercial paper loans and needs to secure financing from lenders led by Mizuho Financial Group and Mitsubishi UFJ Financial Group.
Sharp and the two banks declined to comment.
($1 = 77.8750 Japanese yen)
(Reporting by Kubo Nobuhiro, Taiga Uranaka, Reiji Murai an Taro Fuse; Writing by Tim Kelly; Editing by Muralikumar Anantharaman)
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