Renesas Electronics Corp. has reached a basic agreement to receive support from its largest shareholders, while the beleaguered company's major lenders will provide additional funding.
The world's largest maker of microcontrollers for cars and electronics will outline its restructuring plan by the time it announces first-quarter earnings, President Yasushi Akao said at a shareholders' meeting Tuesday. Details of the support from lenders and Renesas' three biggest investors, NEC Corp., Hitachi Ltd. and Mitsubishi Electric Corp., are still being negotiated, he said.
Renesas, which hasn't posted a profit since it was founded in 2010, plans to raise ¥100 billion in capital and eliminate more than 10,000 jobs, a source said last month.