Renesas is to cut 6000 jobs-15%of its workforce-and to ask its main shareholders,Hitachi,NEC and Mitsubishi,for$630m after posting a net loss of$790m for the year ending March 31st,according to Japan's Yomiuri newspaper.
Renesas shares have been falling like a stone in May–going down by more than 30%.
The Yomiuri report stabilised the price,but Renesas emphasised the story had not come from them.
Mitsubishi's boss said he hasn't had a request for cash from Renesas,but may consider doing something to help,reports Bloomberg,adding that Hitachi has neither received a request for help nor decided to give any and that NEC,which owns about 3%of Renesas,said it had no plans to pay anything to the company.
Source:
http://www.electronicsweekly.com/Articles/2012/05/22/53717/renesas-may-sack-6000-and-ask-for-more-capital.htm
