Japan’s pioneering software company and chip designer, Ascii Corp is in a state of embarrassment: it needs to raise some $80m to redeem Swiss franc convertible bonds by March 31, and Nikkan Kogyo Shimbun reported that its six main banks have agreed to assist it, but are asking for Canon Inc’s capital participation – but Canon told Reuter that it is unlikely to buy a stake in the company, despite Ascii’s sales and development agreement with Canon; in June it abandoned the idea of raising capital in the Swiss market due to poor demand for its bonds.
