By Eric Pfanner And Atsuko Fukase 

TOKYO-- Sharp Corp. President Kozo Takahashi plans to meet with the troubled electronics company's two main lenders on Thursday to ask for a new round of financial support, less than three years after its last bailout, according to people familiar with the situation.

Mr. Takahashi is expected to present a turnaround plan to the core banking units of Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc., which together hold more than Yen400 billion ($3.3 billion) in Sharp debt. People briefed on Sharp's interactions with its lenders said the plan could include exiting businesses such as solar panels and seeking funds from other investors.

The people said a debt-for-equity swap was one of the options being considered. Such maneuvers typically involve a lender exchanging debt for an ownership stake in the debtor. One of the people said Mr. Takahashi also plans to meet with several companies that might be interested in investing in Sharp, which makes LCD panels for Apple Inc. and other smartphone providers as well as consumer goods.

The company, long among Japan's best-known consumer-electronics brands, hit a rough spot after the 2008 global financial crisis in part because of excess investment in LCD factories. After a brief turnaround, it has run into trouble again in recent months because rivals including Japan Display Inc. and low-cost Chinese makers grabbed market share in LCD panels.

In a statement issued in response to a report in business daily the Nikkei, Sharp said it had made no decisions and would outline its restructuring plans in May. The company said that for now it had no plans to change its financial forecast for the year ending March 31, which predicts a net loss of Yen30 billion.

"We are currently considering various possibilities based on drastic reform," the company said.

On Tuesday, Standard & Poor's Ratings Services lowered its long-term corporate credit and debt ratings on Sharp to CCC+, meaning the company is vulnerable and dependent on favorable business conditions to meet its commitments. S&P cited the possibility of a debt-for-equity swap or other measures to ease the company's debt burden, describing such moves as a "selective default."

"Our ratings on Sharp have heavily reflected support from its main lender banks," S&P said. "We believe financial market conditions for Sharp may deteriorate further."

Sharp shares closed down 3.5% in Tokyo on Tuesday, regaining some ground after falling as much as 10% in early trading.

Sharp went through a near-death experience several years ago and at one point said it had doubts about its ability to remain a going concern. It pulled through after reaching a loan agreement with its lenders in September 2012 and later selling stakes to several companies, including Samsung Electronics Co. and Qualcomm Inc.

Analysts say bailout options this time could include Samsung increasing its stake in Sharp, currently 3%. Samsung didn't immediately have a comment.

Sharp's recent troubles have coincided with a rebound at Japan Display. A person familiar with the situation said in February that Japan Display was considering a significant expansion of its Japanese manufacturing operations in order to supply screens to Apple.

Unlike many other Japanese manufacturers, Sharp has been hurt by the weakness of the yen. Sharp's consumer appliance arm is heavily dependent on the Japanese market but imports many of the products it sells, so its costs in yen terms have risen.

"We believe fundraising is inevitable in the end," analysts at J.P. Morgan wrote in a note to investors.

Min-Jeong Lee contributed to this article.

Write to Eric Pfanner at eric.pfanner@wsj.com and Atsuko Fukase at atsuko.fukase@wsj.com

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