Renesas may sack 6000 and ask for more capital.
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.