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.

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