Chinese Fund to Quit Japan Display Bailout Team
Tokyo, Sept. 26 (Jiji Press)--Struggling Japan Display Inc. <6740> said Thursday it has been notified by a Chinese investment fund of its intention to quit a consortium to bail out the liquid crystal display panel maker.
Only last month, the framework of financial assistance to Japan Display was fixed after twists and turns. The course of the company's rehabilitation has become uncertain again.
In August, the consortium made up of the Chinese fund, Harvest Tech Investment Management Co., and a Hong Kong investment fund agreed to provide up to 80 billion yen in fresh capital to Japan Display. Harvest Tech was to provide slightly over 60 billion yen.
Japan Display said that the Hong Kong fund, Oasis Management Co., will make its investment as planned.
Japan Display will have no financial problems for now after Harvest Tech's withdrawal, Managing Executive Officer Minoru Kikuoka told a press conference.
[Copyright The Jiji Press, Ltd.]