Japan Display, which depends on Apple Inc for the bulk of its revenues, has secured a funding bailout. The development was not announced earlier.
On Friday, in a significant development Japan Display Inc stated, a group of investors led by China’s Harvest Group, an investment firm, had provided $738 million (80 billion yen) in funding in a bailout plan.
The development was previously not announced.
Harvest will increase its investment, including a $100 million investment from a JDI customer, said Japan Display. According to a source, that customer was Apple Inc.
Japan Display plans on holding a shareholders meeting on August 29 to formalize the bailout plan.
With Apple upgrading the display on its gadgets from liquid-crystal displays (LCDs) to AMOLED, triggered a funding crunch for Japan Display, which depended on Apple for 60.6% of its revenue in 2018-2019.
According to Japan Display, Oasis Management, a Hong Kong-based activist investor, which is part of the bailout consortium, has offered to extend more financing if currency fluctuations result in a shortfall.