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.
Published On 22 Aug 2003
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: News Agencies