Apple supplier Japan Display is set bailout, after funding shortfall

FILE PHOTO: The logo of Japan Display Inc is seen at the production line of the LCD panel factory in Mobara, Chiba prefecture, June 3, 2013. (REUTERS photo/Toru Hanai/File Photo

TOKYO (Reuters) – Japan Display Inc said on Friday that a group led by the Chinese firm the Harvest Group, had formally secured the additional financing for the previously announced 80 billion yen ($738 million) bailout of the tv maker.

The harvest is the increase of the investment, including an investment of up to $100 million from a JDI client, and Japan Display, he said. A source previously said that a customer of Apple computer, Inc.

The Japanese company said it planned to hold a general meeting of shareholders to be held on Aug. 29 to formalize the plan.

Apple’s recent shift to liquid-crystal displays (lcds) has resulted in a funding crunch, with Japan Display, which is a result of the U.S. smartphone-maker, to 60.6% of its revenue in the last fiscal year that ended in March.

The yield is in the lead of a consortium has to be to keep Japan, and the Display driving, however, the Taiwanese screen maker TPK Holding Co. Ltd. and the company’s financial CGL Group was in the process of, in the month of June.

Japan Display has also been said that the Hong Kong-based activist investor Oasis Management, a part of the bailout consortium has offered to extend the funding, if currency fluctuations result in a deficit.

Reporting by Ritsuko Ando and Makiko Yamazaki; Editing by Chang-Ran Kim and Stephen Coates

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