Renesas is to get a $1.3bn bail-out from its three principal shareholders and the Japanese banks.

The company has announced a net loss of $1.9bn for the last fiscal year. Last month, Renesas announced an early leaving package for 5000 staff.

NEC, Hitachi and Mitsubishi will put up, or guarantee, $633m and the banks will put up the rest.

Mitsubishi has said that this is its final loan for Renesas, It says it  will provide no more money after this.

KKR, the New York private equity company which was offering to invest $600m in Renesas back in  June, appears to have been ignored in the bail-out plan.