Sony sees loss from Crosswave

Sony Corp. said it expects to write down ¥6 billion after Tokyo's Crosswave Communications Inc., in which the maker of electronics owns a 23.9% stake, filed for protection from its creditors.

    Write-down from cross-shareholding will dent profits

    Crosswave Communications and its two Japanese units filed petitions for corporate-reorganization proceedings with the Tokyo District Court Thursday.

     

    The three companies' combined debt totals ¥68.4 billion ($57.4 million), Teikoku Data Bank - a private Japanese credit-research organisation, told Dow Jones.

     

    The data-communications carrier said its common shares and American depositary receipts representing such shares will most likely lose all value.

    SOURCE: Agencies


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