• By Brian Ashcraft
    Jul 5, 2006 4:22 AM 281
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    Strapped-for-Cash Sony Borrows Big Money

    Japanese electronics giant Sony took out an 80 billion yen (US $700 million) loan, which will be used "for general purposes." The company is currently facing the one-two financial punch of rolling out of the PlayStation 3 and the Blu-ray disc format and plans to cut over 10,000 jobs over the next three years. This is the first time that the maker has borrowed money in a decade. According to spokesperson Shinichi Tobe, this loan is more flexible than bonds, and Sony borrowed more than originally planned. These days, everything seems to be more than originally planned at Sony. Brian Ashcraft

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