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Monday, September 30, 2013
Renesas 1.5 billion Bailout Includes Government, Customer Funds


Japanese chipmaker Renesas Electronics received on Monday the 150 billion yen ($1.53 billion) bailout announcd last year by a government-led fund and customers to aid the company's restructuring efforts.

Toyota Motor, Panasonic and Nissan Motor Co paid just over 12 billion yen through a third-party share allocation and the Japanese Ministry of Finance contributed the rest.

Renesas has seen its profits sinking hit by competition.

The Japanese government last December decided to fund Renesas in order to counter an earlier bid by U.S. private equity firm KKR & Co LP.



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