"Japan Display Inc said on Thursday that a Chinese-Taiwanese consortium will formalize its decision to invest in it by June 14 after the client Apple Inc agreed to wait for money owed and a government-backed fund offered to renounce debt, "Makiko Yamazaki reports to Reuters.
"The deal will unlock a lifeline of up to 80 billion yen ($ 729 million) for the smartphone," said Yamazaki. The consortium, which includes Taiwanese flat screen maker TPK Holding Co. Ltd and Chinese investment firm Harvest Group, will replace the Japanese state-funded fund INCJ as Japan Display's largest shareholder with a 49.8% stake, INCJ's stake will fall to 1
" Japan Display also said on Thursday "a customer" owed money had agreed to halve the pace of repayment for two years, "Yamazaki reports. "People with direct knowledge of the case told former Reuters that Apple had most of the $ 1.5 billion cost of building a Japan Display plant four years ago, with the Japanese firm agreeing to repay Apple A Japan Display Executive in April said the company still owes its 100 billion yen client without mentioning Apple. "
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MacDailyNews Take: Japan Display has had more lifelines than we can count. Hopefully they'll catch this!
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