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August 20, 2003
Impact on Sony Corporation of Crosswave Communications Inc.'s Application for Commencement of Reorganization Proceedings under the Corporate Reorganization Law
Tokyo, Japan - Crosswave Communications Inc. ("Crosswave"), 23.9% of the equity of which Sony Corporation owns, applied for commencement of reorganization proceedings under the Corporate Reorganization Law of Japan. Sony has outstanding loans and leases certain fixed assets to Crosswave. Sony estimates that the commencement of such reorganization proceedings under the Corporate Reorganization Law will result in a maximum decrease to consolidated income before income taxes of approximately 6.0 billion yen.
Sony has not altered its consolidated forecast for the fiscal year ending March 31, 2004 as a result of this decrease.