I would consider it the ultimate sin to let things get any worse than they are," Sanyo President Toshimasa Iue told reporters on the sidelines of a news conference. "This is our last chance." Following a management reshuffle in June, Sanyo embarked on a three-year restructuring plan in which it aims to cut 14,000 employees, close or sell the equivalent of 20 percent of its factory floor space in Japan and halve its 1.2 trillion yen ($10 billion) debt. Sparking the overhaul was an earthquake in Japan last year that ripped through one of its semiconductor factories, ruining equipment and leading to a loss in potential sales. But Sanyo has also been losing money on home appliances and suffering from sluggish sales of digital cameras and mobile phones. Sanyo's financial health has deteriorated. Its shareholders' equity ratio was in danger of falling to the low single digits this business year even before it widened its loss forecast on Friday, forcing it to ask other companies for help.