HispanicBusiness

Sharp Corp. will eliminate a total of 10,966 employees in Japan and overseas, while selling its assets to generate 213.1 billion yen (2.7 billion dollars) by March 2013 under a restructuring plan, Kyodo News reported Tuesday.

The plan, which Sharp submitted to financial institutions Monday, shows the financially strapped company will cut wages and unload its overseas plants, a subsidiary and shareholdings in Toshiba Corp, while integrating four domestic sales companies, Kyodo reported.

Sharp aims to return to profitability in the next financial year starting in April with a group net profit of 14.6 billion yen, according to the plan.

The company posted a record net loss of 376.1 billion yen for the previous financial year through March due to the yen's appreciation and slumping sales.

Sharp plans to overhaul its liquid crystal display television business, strengthen its small and medium-size LCD panel business for smartphones, and substantially cut down its solar battery operations, Kyodo said.

Sharp's main creditors, Mizuho Corporate Bank and the Bank of Tokyo-Mitsubishi UFJ, as well as other lenders, are expected to provide a total of around 360 billion yen in loans.