“Sharp Corp said it will miss a March 29 deadline to receive the second half of a $120 million investment from Qualcomm Inc after it failed to complete a plan to begin fabricating power-saving screens the two companies are jointly developing,” Reuters reports. “Qualcomm, which paid half the $120 million in December, set conditions for the remainder that included having completed the specifications for the smartphone and tablet PC screens and preparations for their production.”
“Sharp and Qualcomm will now fall back to a June 30 deadline for the Japanese company to meet conditions for the second payment… Missing the second deadline would add pressure on cash-strapped Sharp as it looks for money to repay a $2.1 billion convertible bond in September,” Reuters reports. “Japan’s leading LCD panel maker has also failed to renegotiate an agreement for Taiwan’s Hon Hai Precision Industry Co to buy a 9.9 percent stake, with a March 26 deadline expected to pass with no revised agreement in place.”
Reuters reports, “Samsung Electronics Co this month agreed to invest $110 million in Sharp, which supplies screens for Apple Inc’s iPhone 5 and iPad, in return for a 3 percent stake and a promise from Sharp to bolster panel supplies to the Korean company.”
Read more in the full article here.
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I wonder if Sharp has that $60 million in Cyprus?
I’m thinking some Russian mafia types are going after some Cypriot bankers and Euro bureaucrats.