“Japan Display Inc said on Thursday a Chinese-Taiwanese consortium will formalize its decision to invest in it by June 14, after client Apple Inc agreed to wait for money owed and a government-backed fund offered to waive debt,” Makiko Yamazaki reports for Reuters.
“The deal will unlock a lifeline of up to 80 billion yen ($729 million) for the smartphone screen maker,” Yamazaki reports. “The consortium, which includes Taiwanese flat screen maker TPK Holding Co Ltd and Chinese investment firm Harvest Group, will replace Japanese government-backed fund INCJ as Japan Display’s biggest shareholder with a 49.8% stake. INCJ’s stake will fall to 12.7% from 25.3%.”
“Japan Display also on Thursday said ‘a client’ to which it owed money had agreed to halving the pace of repayment for two years,” Yamazaki reports. “People with direct knowledge of the matter previously told Reuters that Apple fronted most of the $1.5 billion cost of building a Japan Display plant four years ago, with the Japanese firm agreeing to repay Apple with a percentage of screen sales. A Japan Display executive in April said the firm still owed its client about 100 billion yen, without naming Apple.”
Read more in the full article here.
MacDailyNews Take: Japan Display has had more lifelines than we can count. Hopefully, they catch this one!
Chinese-Taiwanese group to delay bailout funding for Apple supplier Japan Display – May 13, 2019
Rescue of Apple supplier Japan Display leaves Japan red-faced – April 15, 2019
Apple supplier Japan Display agrees to $2.1 billion bailout – April 12, 2019
Apple supplier Japan Display wins $640 million from government-backed fund to boost OLED tech as Apple eyes new iPhone display – December 21, 2016
Apple’s next-gen flagship OLED iPhone is codenamed ‘Ferrari’ – December 20, 2016
Apple says OLED finally ready for iPhones, but most suppliers still aren’t – November 17, 2016
Apple supplier Japan Display seeks $703 million bailout from Japanese government – November 11, 2016
Sharp President confirms Apple iPhone transition to OLED displays – October 31, 2016
Apple supplier Sharp names Foxconn exec as CEO to spearhead revival – May 12, 2016
Apple supplier Sharp preps AMOLED displays after Foxconn acquisition – April 6, 2016
Did Apple help Foxconn buy Sharp? – March 31, 2016
Japan Display, an Apple iPhone supplier, seeks financial help from Japanese government – August 9, 2016
Japan Display CEO hints at strong Apple orders ahead of new iPhone launch – September 3, 2015
Japan Display and Apple to build new $1.4 billion plant for iPhone Retina displays – March 6, 2015
Japan Display’s reliance on iPhone orders rises – June 24, 2014