Apple supplier Japan Display secures bailout after funding shortfall

Apple supplier Japan Display secures bailout after funding shortfall 1

FILE PHOTO: The emblem of Japan Display Inc is seen on the firm’s manufacturing line for LCD panels in its manufacturing unit in Mobara, Chiba prefecture, June 3, 2013. REUTERS/Toru Hanai/File Photo

TOKYO (Reuters) – Japan Display Inc stated on Friday {that a} group led by Chinese funding agency Harvest Group had formally secured further funding for a beforehand introduced 80 billion yen ($738 million) bailout plan for the display maker.

Harvest would enhance its funding, included a $100 million funding from a JDI buyer, Japan Display stated. A supply beforehand stated that buyer was Apple Inc.

The Japanese firm stated it deliberate to carry a shareholders assembly on Aug. 29 to formalize the bailout plan.

Apple’s latest shift away from liquid-crystal shows (LCDs) has triggered a funding crunch for Japan Display, which trusted the U.S. smartphone maker for 60.6% of its income within the final monetary yr ended March.

Harvest has been main a consortium to maintain Japan Display afloat, however Taiwanese display maker TPK Holding Co Ltd and monetary agency CGL Group dropped out of the method in June.

Japan Display additionally stated that Hong Kong-based activist investor Oasis Management, already a part of the bailout consortium, has provided to increase extra financing if forex fluctuations end in a shortfall.

Reporting by Ritsuko Ando and Makiko Yamazaki; Editing by Chang-Ran Kim and Stephen Coates

Our Standards:The Thomson Reuters Trust Principles.

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