UPDATE 1-Japan's Sharp, banks near $1.7 bln overhaul deal

April 16, 2015 2:49 AM

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TOKYO, April 16 (Reuters) - Japan's Sharp Corp and its main banks are to meet on Thursday to agree on a $1.7 billion rescue and restructuring plan for the loss-making electronics maker, a person involved in the discussions said.

An agreement between the Osaka-based company and its main lenders, Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ, would be Sharp's second big bailout since 2012. Sharp is on track for its third annual net loss in four years due to weakness in its liquid crystal display (LCD) and TV operations.

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