Cash Strapped Sony Needs $180M To Prop Up Sony Ericcson

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Cash strapped Sony has said that their loss-making mobile phone joint venture with Sweden’s Ericsson is in desperate need of cash snd that between now and March 2010 the Company will need an injection of at least $A180 million.

Cash strapped Sony has said that their loss-making mobile phone joint venture with Sweden’s Ericsson is in desperate need of cash snd that between now and March 2010 the Company will need an injection of at least $A180 million.

The admission  by a Sony spokeswoman comes after Sony Chief Financial Officer Nobuyuki Oneda said last week that the venture would need to raise funds in some way, whether it be through bank loans or via an injection from the parent companies.

Reuters said that Sony Ericsson  planned to cut one in five jobs this year to help it return to profit after sluggish demand resulted in a hefty first-quarter loss.

Details of the fund raising will be jointly decided by the two parent companies, Sony spokeswoman Mami Imada said.

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