Apple supplier Japan Display wants to seal to $468 million for bailout deal by end-September – CEO

FILE PHOTO: a Japan Display Inc. logo is displayed at the company headquarters in Tokyo, Japan, on August 9, 2016. REUTERS/Kim Kyung-Hoon /File Photo

TOKYO (Reuters) – Apple Inc’s (AAPL.(O) the vendor, in Japan Display Inc (6740.(T) aims to achieve a seal with a revised plan by the end of this month, for a minimum of 50 billion yen ($468 million) in vital financing, the new chief executive said on Monday.

Minoru Kikuoka, also told Reuters in an interview, that is, the liquid crystal display (LCD) screens are the signs of a revival of interest in the market, indicating strong demand for affordable smartphones as low-cost monitors.

“We are in close proximity to it (the increase) to 50 billion, and I believe that we will be able to cement the deal this week,” Kikuoka, who took over at the helm of the cash-strapped display maker in September, it said.

The deal, if realised, would ease immediate risk of a cash shortfall after a Chinese investment firm, Harvest Group last month withdrew from the consortium of investors behind the bailout.

Japan Display, said to be the Hong Kong-based Oasis Management is still planning to contribute $150-180 million, and it is important for Japan Display’s the client, what resources it has been said that Apple is planning to invest up to $200 million.

Orders for LCD monitors from a major customer, “to be stronger than previously planned,” Kikuoka said. The reaction to a recent Nikkei Asian Review is reporting that Apple has asked suppliers to increase production of its iPhone in 11 of the models is around 10%.

Reporting Makiko Yamazaki and Noriyuki Hirata; Editing by David Dolan

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