Thursday, 23 February 2012

Olympus Tells Lenders Cash Crunch-Sumitomo Mitsui Banking Corp-Cash And Deposits

Olympus tells lenders cash crunch looms: report

TOKYO (Reuters) - Japan's disgraced Olympus Corp, whose balance sheet took a massive hit after it admitted to a long-running accounting cover-up, told lenders its cash and deposits could run out in 2015, a newspaper reported on Saturday. Senior officials from the company met lenders on Friday, telling them they would come up with a new business plan in early May that could include equity tie-ups to bolster its balance sheet. The company's main lender, Sumitomo Mitsui Banking Corp, agreed at the meeting to continue its support for the company, a source told Reuters. ... read more..

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