23 days ago
Apple supplier Japan Display seeks $890 million to fund restructuring: source
Loss-making Japan Display Inc is seeking about 100 billion yen ($890 million) from its main creditors to fund restructuring, a source with direct knowledge of the request said. Fresh funds for the firm, which has been hurt by its late entry into organic light-emitting diode screens (OLED) and fluctuating demand for Apple's iPhones, would come on top of 75 billion yen in aid late last year from its main investor - the state-backed Innovation Network Corp of Japan (INCJ). The liquid crystal display manufacturer has tapped Mizuho Bank, Sumitomo Mitsui Banking Corp (SMBC) and Sumitomo Mitsui Trust Bank, the source said, adding that the creditors were willing to extend the loan if it was guaranteed by INCJ.