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


    YOU MIGHT ALSO LIKE

    'We scoured for days without sleeping, just clothes on our backs'

    'We scoured for days without sleeping, just clothes on our backs'

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    Daughters of al-Shabab

    Daughters of al-Shabab

    What draws Kenyan women to join al-Shabab and what challenges are they facing when they return to their communities?