Apple and Partner Wistron are Offering additional assistance to Japan Display to Remain Viable
Last week Patently Apple posted a report titled "Japan Display's CEO Reveals that their OLED Display Technology for Certain Products is ready for Mass Production." It was a positive story for the troubled Company and news might be getting better. According to the Japan Times, Apple and Taiwanese electronics giant Wistron Corp. have offered to provide funds directly to struggling Japan Display Inc. separately from the initial finance plan devised under the rescue framework involving Hong Kong’s Oasis Management Co., sources close to the matter said Friday.
The Japanese panel-maker has been seeking to rebuild its finances under a deal with consortium Suwa Investment Holdings LLC, which agreed on a capital injection of up to ¥80 billion ($740 million).
But the arrangements have raised doubts, and one of the investors, Harvest Tech Management Co. of China, withdrew in September.
Through Suwa Investment, Apple was to provide $200 million, Wistron $50 million and Oasis Management $180 million to JDI, which supplies liquid crystal display panels for Apple’s iPhones. Wistron assembles the devices.
JDI has said it aims to procure ¥50 billion by the end of November. According to one of the sources, it is also in talks with a financial institution on additional funding.
Last week, it said it will receive further financial support from Apple and other clients, with the U.S. tech giant speeding up payments for its products.
Last week's report noted that Japan Display was ready to begin producing OLED displays for the Apple Watch.