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Apple Supplier Japan Display Denies the Current Rumor of a huge Bailout but Keeps the Door Open to a Future Deal

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In Q4 2019 Patently Apple posted two reports (01 & 02) covering news about Japan Display Inc.'s struggle to survive and their ongoing battle to find bailout funds to keep their operations viable. One of our earliest reports on this dates back to mid 2016. A new report on this never-ending saga claims that Japan Display has secured $920 million bailout, but Japan Display denies the rumor to a large extent.


Today Reuters echoed the Nikkei news in a report titled "Apple supplier Japan Display gets $920 million bailout from Ichigo." Yet Japan Display has issued a formal statement yesterday as presented below that clarifies the rumor.


In a press release issued yesterday stated that "The Nikkei News Paper reported that Japan Display Inc. ("JDI") is finalizing the deal regarding funding of approximately JPY 100 billion (US$920 million) from Ichigo Asset Management and also that Ichigo Asset Management will undertake JDI's preferred shares of approximately JPY 50 billion ($US460 million).


The contents in the report is not based on any information released by JDI. However, as announced on January 8, 2020, JDI has been discussing with Ichigo Trust regarding the funding and working to finalize the contract within January and complete funding in February or March of 2020. Details and conditions of the funding is still being discussed and the information will be announced once finalized."


Reuters report added that "Apple has agreed to shorten payment periods, relax debt repayment terms and put up $200 million. Japan Display generated 61% of its revenue from Apple in the last financial year.


Apple is also leading talks on the potential sale of Japan Display’s idled smartphone screen factory to Sharp Corp, another iPhone display supplier, sources familiar with the matter said."


Considering that Japan Display isn't supporting the current rumor, there's no use promoting it. Though if you're curious, check it out in today's Reuters report.


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