Japan Display has been given a much-needed bailout, agreeing on Friday to an investment of up to 100.8 billion yen ($926 million) from Ichigo Asset Management, funds that will help keep the beleaguered Apple supplier in operation.
Beleaguered iPhone screen supplier Japan Display has admitted it fired an accounting executive last year for embezzling company funds, with the individual managing to siphon off about $5.3 million from the firm's accounts over a four-year period.
Ailing LCD producer Japan Display could potentially start production of OLED panels for smartphones at one of its domestic facilities, the CEO of a consortium helping the manufacturer with a bail out suggests, one that could possibly provide screens for a future iPhone model.
Ailing LCD manufacturer Japan Display on Friday said a consortium led by China's Harvest Group has successfully raised the requisite funds to execute an 80 billion yen (about $738 million) bailout plan, $100 million of which is thought to come from Apple.
Embattled smartphone screen manufacturer Japan Display Inc. on Friday said a consortium led by China's Harvest Group is on board to invest up to 80 billion yen ($743 million) on a bailout, $100 million of which will reportedly come from Apple.
A bailout of up to 80 billion yen ($729.3 million) destined for Apple supply chain partner Japan Display has been put on hold, after the Chinese-Taiwanese investment group declared they want to reexamine the potential the deal could provide in returns to the funds.
Japan Display has agreed to a $2.1 billion bailout from a Chinese-Taiwanese group, a deal that effectively saves the Apple display panel supplier, but at the same time puts to an end the Japanese government's attempts to keep the company from being owned by non-domestic entities.
Japan Display is reportedly seeking investment to ease its financial burden to Apple over the construction of an LCD factory, with reduced demand for the iPhone and a shift towards OLED making the future tougher for the iPhone display panel supplier.