Renesas gets $1.5 billion bailout from government, customers - ( PH1L1PN33 )
TOKYO (Reuters) – Japanese chipmaker Renesas Electronics Corp received on Monday the 150 billion yen ($ 1.53 billion) bailout pledged last year by a government-led fund and major customers to aid the company’s restructuring efforts.
Eight of Renesas’ customers, including Toyota Motor Corp, Panasonic Corp and Nissan Motor Co Ltd paid just over 12 billion yen through a third-party share allocation and the government-led fund contributed the rest.
Hit by slumping orders and competition from competitors such as Samsung Electronics Co Ltd, Renesas was given a lifeline from the government-led fund last December to counter an earlier bid by U.S. private equity firm KKR & Co LP.
(Reporting by Sophie Knight; Editing by Miral Fahmy)
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