3 Banks Extend 107-B.-Yen Commitment Line for Japan Display
Tokyo, July 26 (Jiji Press)--Three major creditor banks for Japan Display Inc. <6740> agreed Friday to extend their commitment line contract for the maker of small and midsize liquid crystal display panels until Dec. 30.
The accord was announced by Japan Display. The contract with Mizuho Bank, Sumitomo Mitsui Banking Corp. and Sumitomo Mitsui Trust Bank for loans of up to 107 billion yen had been due to expire on Aug. 7.
Without the extension, the struggling Japanese LCD panel maker would have had to repay loans it borrowed under the contract by that date.
INCJ Ltd., a Japanese government-linked investment fund and the largest shareholder of Japan Display, will continue to guarantee the loans.
Japan Display and the three major Japanese banks signed the commitment line contract, effective for a year, in August 2017. They agreed on its one-year extension in August 2018.
[Copyright The Jiji Press, Ltd.]