TOKYO -- Pioneer has staved off a repayment crisis by securing fresh capital from a Hong Kong-based private-equity firm, but the 80-year-old Japanese electronics maker faces a race against time to turn itself around after years of overinvestment.
Pioneer said Wednesday that it signed a memorandum of understanding with Hong Kong-based Baring Private Equity Asia to sell up to 60 billion yen ($538 million) in shares to the investor. The official agreement will be executed in October.
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