While Apple supplier Japan Display, that makes the "'Liquid Display" for the popular iPhone XR, was dealt a blow last month with one of their investors TPK backing out of a bailout package at the last moment, it's being reported today that the bailout has been finalized without them.
Japan Display Inc said on Friday that a group led by Chinese investment firm Harvest Group had formally secured additional funding for a previously announced 80 billion yen ($738 million) bailout plan for the screen maker.
Harvest Group would increase its investment, included a $100 million investment from a JDI customer, Japan Display said. Reuters reported last month that the customer was Apple Inc. – it was not.
The Japanese company said it planned to hold a shareholders meeting on Aug. 29 to formalize the bailout plan.
Lastly the Reuters report stated that "Apple’s recent shift away from liquid-crystal displays (LCDs) triggered the funding crunch for Japan Display, which depended on the U.S. smartphone maker for 60.6% of its revenue in the last financial year ended March." Patently Apple touched on that part of Japan Display's nightmare back in March. Read today's Reuters report for more.
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