Mazda seeking $US2.8 billion loan to survive coronavirus crisis – report

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Mazda is seeking loans for 300 billion Yen ($US 2.8 billion) from Japan’s three ‘megabanks’ and other lenders to help it get through the coronavirus pandemic, the Reuters news agency has reported. Mazda, which has paused or slowed production in line with the rest of the automotive industry during the COVID-19 lockdowns, reportedly already has approximately $US6 billion in interest-bearing debt, which far exceeds its cash reserves, according to Japan’s flagship financial newspaper the Nikkei.

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