Renesas (RNECY.PK) will announce a restructuring plan this week that will include laying off 1/3...

|About: Renesas Electronics Corp ADR (RNECY)|By:, SA News Editor

Renesas (RNECY.PK) will announce a restructuring plan this week that will include laying off 1/3 of its work force and shuttering half of its chipmaking plants, Reuters reports. In exchange, Renesas will receive ¥100B ($1.26B) worth of loans from shareholders Hitachi (HIT), Mitsubishi, and NEC, along with four banks. A Saturday report from The Nikkei claimed Renesas was looking to sell or close 10 plants. TSMC (TSM - previous) could be interested in some of them.