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Sony Ericsson to seek $135.5 million or more

Japanese electronics maker Sony Corp said its loss-making mobile phone joint venture with Sweden's Ericsson will likely seek at least €100 million ($135.5 million) in funds by March.

The comment by a Sony spokeswoman comes after Sony Chief Financial Officer Nobuyuki Oneda said last week that the venture would need to raise funds in some way, whether it be 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, Sony spokeswoman Mami Imada said. (Reuters)