JDI Secures Aid from Clients, Including Apple
Tokyo, Oct. 23 (Jiji Press)--Japan Display Inc. <6740> said Wednesday that it has secured financial aid worth a total of up to 40 billion yen from several client companies, including U.S. technology giant Apple Inc.
The announcement came after a Chinese investment fund in September suddenly quit a consortium to bail out the struggling Japanese liquid crystal display panel maker.
Previously, Japan Display had agreed to procure up to 80 billion yen from the consortium. But Harvest Tech Investment Management Co., the consortium's Chinese fund, which was expected to shoulder slightly over 60 billion yen, pulled out.
"We've passed through the most difficult part in terms of finances," Japan Display President and Chief Executive Officer Minoru Kikuoka told reporters in Tokyo, referring to the aid from clients.
Japan Display said it has obtained assurances from these clients to shorten the grace period for collecting accounts receivables.
[Copyright The Jiji Press, Ltd.]