Japan Display to Procure 100 B. Yen from Ichigo Asset
Tokyo, Jan. 30 (Jiji Press)--Japan Display Inc. <6740> is in the final stages of talks on receiving some 100 billion yen in financial assistance from Ichigo Asset Management Ltd., informed sources said Thursday.
The maker of small and midsize liquid crystal display panels plans to use the funds to repay its debts, which exceeded its assets by over 100 billion yen at the end of September last year.
The aid will make Ichigo Asset the top shareholder of Japan Display. Japan Display is considering giving the post of chairman to Ichigo Asset Chief Executive Officer Scott Callon, the sources said.
Last December, Japan Display reached a basic agreement to receive 80 billion to 90 billion yen in financial assistance from the Japanese investment advisory firm.
While increasing the amount of aid, Ichigo Asset will initially acquire preferred shares worth about 50 billion yen in the panel maker, the sources said.
[Copyright The Jiji Press, Ltd.]