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Daimler may need to find extra MMC capital-source

TOKYO, April 1 (Reuters) - Mitsubishi group companies are prepared to contribute to a capital injection of at least 200 billion yen ($2.88 billion) in Mitsubishi Motors Corp with main shareholder DaimlerChrysler AG , but anything over that will have to be shouldered by DaimlerChrysler alone, a Mitsubishi group source said on Thursday.

Reeling under losses resulting from loan control problems at its North American finance unit, Mitsubishi Motors, owned 37 percent by DaimlerChrysler, has been working out a restructuring plan with its shareholders over the past month.

Final details are scheduled to be unveiled on April 30.

Under the plan, DaimlerChrysler and three Mitsubishi group companies -- Mitsubishi Heavy Industries , Mitsubishi Corp and Bank of Tokyo-Mitsubishi -- are set to buy at least 200 billion yen in newly issued preferred shares in Mitsubishi Motors, the source said.

But the source said the capital increase was unlikely to reach 300 billion yen as reported by media, unless the German-U.S. auto maker agreed to shoulder more of the burden.

"It's going to be difficult to agree on as much as 300 billion yen," said the source, who declined to be identified.

"There's talk about needing as much as 500 billion yen for the total restructuring, but our feeling is DaimlerChrysler should take responsibility for the rest."

Mitsubishi Motors is set to request approval for a state-backed revitalisation plan to take advantage of lower taxes when issuing the new shares and apply for loans from the government-owned Development Bank of Japan with the support of Bank of Tokyo-Mitsubishi, the source said.

Hurt by a plunge in U.S. sales and bad loans extended to customers with a shaky credit history, Mitsubishi Motors in February raised its net loss forecast to 72 billion yen from 11 billion yen for the business year that ended on March 31. ($1=104.23 Yen)