Sharp plans to use capital to wipe out past losses: source

May 9, 2015 8:40 AM

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Sharp plans to use capital to wipe out past losses: source

TOKYO Japan's Sharp Corp (6753.T) is considering using capital to reduce accumulated losses on its book, an accounting maneuver that would allow the loss-making electronics maker to resume dividend payment earlier, a source said on Saturday.

The Osaka-based maker of LCD displays, scheduled to announce a new turnaround plan Thursday, is set to receive a $1.7 billion bailout from its main lenders in return for a promise to cut 5,000 jobs and split off its ailing smartphone display unit, a separate source told Reuters last month.

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