Osaka: Japanese consumer electronics Sharp Corporation plans to cut a total of 11,000 jobs worldwide and sell its assets and factories to generate 213.1 billion yen (about $2.7 billion) to secure bank loans, media reports said Wednesday.

According to the reports, the company, which has already announced its decision to lay off 5,000 employees, submitted the latest restructuring plan to financial institutions Monday notifying them of further measures to improve its fiscal framework.

Under the new plan, Sharp will cut 19 percent of its 57,170 global workforce, including reducing 3,100 domestically through voluntary and age-limit retirement by the end of March 2014, reported Xinhua.

The reports added that other employees subject to the cuts include those working at TV assembly factories in Mexico, China and Malaysia that the company plans to sell. The company will also cut wages to save almost 50 billion yen ($642 million) in personnel costs in fiscal 2012.

After the new plan is finalized, the banks are expected to offer fresh loans totaling 360 billion yen (about $4.6 billion) to the cash-strapped firm within days, the reports said.

Source: IANS