“Japan Display Inc said on Thursday a Chinese-Taiwanese consortium will formalize its decision to invest in it by June 14, after client Apple Inc agreed to wait for money owed and a government-backed fund offered to waive debt,” Makiko Yamazaki reports for Reuters.
“The deal will unlock a lifeline of up to 80 billion yen ($729 million) for the smartphone screen maker,” Yamazaki reports. “The consortium, which includes Taiwanese flat screen maker TPK Holding Co Ltd and Chinese investment firm Harvest Group, will replace Japanese government-backed fund INCJ as Japan Display’s biggest shareholder with a 49.8% stake. INCJ’s stake will fall to 12.7% from 25.3%.”
“Japan Display also on Thursday said ‘a client’ to which it owed money had agreed to halving the pace of repayment for two years,” Yamazaki reports. “People with direct knowledge of the matter previously told Reuters that Apple fronted most of the $1.5 billion cost of building a Japan Display plant four years ago, with the Japanese firm agreeing to repay Apple with a percentage of screen sales. A Japan Display executive in April said the firm still owed its client about 100 billion yen, without naming Apple.”
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MacDailyNews Take: Japan Display has had more lifelines than we can count. Hopefully, they catch this one!
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