Sony Ericsson Needs $US135 Million

Swedish-Japanese mobile phone company Sony Ericsson will have to seek at least $US 135 million in funds by March, a Sony spokeswoman announced on Tueday. Already last week Sony Chief Financial Officer Nobuyuki Oneda said that the venture of Sony and Ericsson would need to raise funds, either through bank loans or via an injection from the parent companies.

Sony Ericsson said last month it 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, the Sony spokeswoman said. (ah)