Japan Display Clinches 100-B.-Yen Bailout Deal

Economy

Tokyo, Jan. 31 (Jiji Press)--Ailing Japan Display Inc. <6740> said Friday that it has reached final agreement on a deal to receive some 100 billion yen in financial assistance from Ichigo Asset Management Ltd.

The maker of small and midsize liquid crystal display panels eventually sealed the deal after confusion over its bailout scheme.

Japan Display plans to gain approval for the deal at an extraordinary meeting of its shareholders in March.

Ichigo Asset will then underwrite about 50 billion yen of Japan Display preferred shares with voting rights. It will provide another 50 billion yen depending on Japan Display's demand for funds.

Its chief executive officer, Scott Callon, will assume the post of Japan Display chairman.

[Copyright The Jiji Press, Ltd.]

Jiji Press