*While the article below says Sharp shares finished down that day, as of the time of this posting the market had re-opened and Sharp shares were up considerably, over 18 points.

The following appears on reuters.com

A $3 billion restructuring plan for Japanese electronics firm Sharp Corp is likely to be finalised as early as this week, a person with direct knowledge of the discussions said on Tuesday.

State-backed fund Innovation Network Corporation of Japan (INCJ) is leading the bailout, which would be Sharp’s third major package in three years, and would invest more than 200 billion yen ($1.7 billion) in the plan, the source added, confirming earlier media reports.

The Osaka-based company is also asking Bank of Tokyo-Mitsubishi UFJ and Mizuho Bank to convert about 150 billion yen ($1.3 billion) of existing loans into preferred shares, said the source, who declined to be named as the discussions remained confidential.

Sharp said in a statement it is in talks with various companies about LCD business but no decision have been reached, while spokesmen for the banks, units of Mitsubishi UFJ Financial Group Inc and Mizuho Financial Group Inc, declined to comment.

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