Struggling Sony Shares Hits 30 Yr Low

Written by Oonagh Reidy     15/11/2012 | 22:25 | Category: LCD

Investors flee the Bravia TV maker after $1.9 billion bond issue.

Struggling Sony Shares Hits 30 Yr Low
Shares in Sony hit a new time low after the struggling Japanese electronics giant announced it would raise $1.9 billion or ¥150 billion yen through the issue of convertible bonds.

The cash is being raised to fund the purchase of another struggling Japanese company Olympus, and pay off debts.

Sony is looking to invest $50 bn into Olympus as it seeks to capitalise on its medical equipment business.

Investors clearly irked by the move backed away from Sony shares after the bond announcement, with shares now tumbling almost 9% to Y79 on Tokyo Stock Exchange, AFP reports.

This comes as Moodys rating agency cut Sony long term debt rating to just one level above 'junk' status, the second time it has  downgraded the company in a month.