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Mitsubishi gets $4 billion for survival plan

May 21, 2004

TOKYO - Mitsubishi Motors Corp. said on Friday it had secured $4 billion in emergency rescue funds to rescue the company, Reuters reported Friday. Under the plan, Mitsubishi will the funds from its strategic partner China Motor Corp and from the financial markets, the company said in a statement. Japan's fourth-largest carmaker, mired in slumping sales, mounting debt and recall scandals, has been struggling to map out a viable future after DaimlerChrysler, its main shareholder, decided against injecting any fresh capital last month. Mitsubishi vowed a return to profit by the business year starting next April through a restructuring that will see it close a plant in Japan and cut its non-factory workforce by 30 percent, or 7,600 people, in three years. MMC on Friday forecast a profit of 10 billion yen ($88.8 million) next business year.
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