http://www.businessweek.com/news/2011-11-16/olympus-has-enough-cash-to-keep-going-president-tells-employees.html

Nov. 17 (Bloomberg) -- Olympus Corp. has enough cash on hand to keep the 92-year-old company in business amid a probe of schemes to hide investment losses, President Shuichi Takayama told employees yesterday.

“I’d like each of you to continue focusing on your job and responsibilities,” Takayama wrote in a message to Olympus workers on the company’s internal website, a copy of which was given to Bloomberg News. “Our treasury section will take care of financing issues.”

The world’s biggest endoscope maker, under regulatory investigation over accounting irregularities, met officials from financial institutions in Tokyo yesterday to ask for their support. Olympus gained “understanding” from several dozens of lenders at the meeting, Takayama wrote.

Japan’s three biggest banks had a combined 235.2 billion yen ($3.1 billion) of long-term loans outstanding to Olympus as of March 31, according to Tokyo-based Olympus’s June 29 financial statement. Olympus’s long-term borrowings have swelled to 527 billion yen in the past five years, when former Chairman Tsuyoshi Kikukawa made acquisitions including the $2.1 billion takeover of Gyrus Group Plc.

Olympus last week said it hid investment losses from the 1990s using inflated fees paid to advisers for the 2008 acquisition of the U.K. medical-device maker Gyrus and three other takeovers in Japan.

Rating Cut

Olympus have lost 70 percent of its market value since Oct. 14, when Chief Executive Officer Michael C. Woodford was fired after he confronted Kikukawa about over-sized payments made to advisers.

The company’s long-term credit rating was lowered to BBB+ from A by Rating & Investment Information Inc. Nov. 8, following the company’s admission that it concealed losses. The rating may be cut further, according to Yuta Ishinoda, an analyst at the Tokyo-based credit-risk assessment company.

“We are looking at the size of hidden loss outstanding, possible impairment of goodwill assets and whether lenders will maintain their support for the company,” Ishinoda said in a Nov. 9 interview. “There are possibilities that financial institutions will demand higher interest rates or collateral for their loans.”

Mizuho Financial Group Inc., Japan’s third-biggest bank, reduced its classification of loans outstanding to Olympus to an undisclosed level, citing Olympus’s cover-up, CEO Yasuhiro Sato said at a press conference in Tokyo on Nov. 14 to announce its first-half earnings.

Cash Reserve

Sumitomo Mitsui Financial Group Inc., Japan’s second- biggest lender, arranged loans for Olympus’s takeover of Gyrus, according to a Nov. 19, 2007, filing by the U.K. company.

Olympus needs to pay or refinance 300 billion yen of debts next year, according to data compiled by Bloomberg. That will increase to 775 billion yen the following year, the data show.

The BBB+ rating provides “sufficient credit strength and there is no significant impact on our businesses” from the rate cut, Takayama wrote in the letter. “Our businesses are expected to continue generating stable cash flow. In addition to that, we have about 260 billion yen in cash and deposits, a reserve enough to invest in our businesses as needed.”

Olympus’s stock yesterday surged for a third day amid growing confidence that the company will avoid being delisted. The shares advanced by their daily limit of 100 yen, or 16 percent, to 740 yen on the Tokyo Stock Exchange.

The company was put on a list for possible delisting by the exchange last week after admitting it hid investment losses.

A decision on delisting will be made based on issues such as the size of the misstated accounts, the extent of wrongdoing and loss of confidence in the company, Yukari Hozumi, a senior associate for corporate strategy at the exchange, said by telephone yesterday.

但后期还是免不了拆分的可能。

翻译机威武

11月17日（彭博） - 奥林巴斯公司手头上有足够的现金来保持业务的探测计划中一个隐藏的投资损失的92岁的公司，修一高山主席昨天告诉员工。

“我想你们每个人继续专注于你的工作和责任，”高山写在奥林巴斯工人的消息对公司的内部网站，其中的副本给彭博新闻社。 “我们的财务科将采取照顾的融资问题。”

世界最大的内窥镜制造商对会计违规行为的监管的调查下，昨天在东京会见了来自金融机构的官员，要求他们支持。奥林巴斯从贷款人的数十人在会上获得“理解”，高山写道。

截至3月31日，日本最大的三家银行的一个合并后的235.2亿日元（31亿美元）的长期未偿还贷款，以奥林巴斯，根据总部位于东京的奥林巴斯的6月29日的财务报表。奥林巴斯的长期借款已经膨胀到527亿日元在过去的五年中，前董事长菊川刚收购回集团包括耗资2.1亿美元收购。

奥林巴斯上周表示，HID使用支付2008年收购英国医疗设备制造商回在日本的其他收购顾问的虚增费用从20世纪90年代的投资损失。

评级下调

奥林巴斯已经失去了它的市场价值的70％，自10月14日，当首席执行官迈克尔伍德福德被解雇后，他面临过大的支付顾问菊。

该公司的长期信贷评级由A下调至BBB +评级及投资信息公司11月8日，下列公司的承认，它掩盖损失。该评级可能被进一步削减，根据裕太Ishinoda，在东京为基础的信用风险评估公司的分析师。

Ishinoda在11月9日接受采访时说：“我们在寻找隐藏损失突出，可能发生减值的商誉资产和贷款人是否将维持其对公司的支持的大小，”。 “有金融机构会要求更高的利率或其贷款抵押品的可能性。”

中曾根总裁佐藤说，日本第三大银行，瑞穗金融集团降低其未偿还贷款，以奥林巴斯的分类到一个秘密的水平，理由是奥林巴斯的封面，在11月14日在东京的记者招待会上宣布其第一上半年业绩。

现金储备

三井住友金融集团，日本第二大银行，安排奥林巴斯回收购贷款，按照到2007年11月19日，，由英国公司备案。

奥林巴斯需要支付或再融资300亿美元的债务日元，明年，根据彭博汇编的数据。这将增加至775亿日元，次年，数据显示。

BBB +评级提供“足够的信用实力，是我们的企业没有显著的影响”，从降息，高山在信中写道。他说：“我们的业务预计将继续产生稳定的现金流。此外，我们拥有约260亿日元现金和存款，储备足够的投资需要我们的企业。“

奥林巴斯的股票昨天上涨连续第三个交易日中越来越有信心，该公司将避免被摘牌。先进的股份，由100日元，或16％的涨停，至740日元，东京证券交易所。

该公司可能退市的清单交换后，上周承认它HID投资损失。

上退市的决定，将由香里的问题，如谎报账目的大小，不法行为和对公司的信心损失程度的基础上，穗积，为企业战略的汇率的高级副，昨天在电话中说。