BREAKING NEWS

Apple supplier Japan Display seeks $893 million to fund restructuring - Nikkei

Now Reading:

Apple supplier Japan Display seeks $893 million to fund restructuring - Nikkei

Text size Aa Aa

(Reuters) – Liquid crystal display panels manufacturer Japan Display Inc <6740.T> is seeking about 100 billion yen (680 million pounds) from its main creditors to fund an ongoing restructuring, the Nikkei reported on Thursday. The Tokyo-based company, also known as JDI, has tapped lenders including Mizuho Bank and Sumitomo Mitsui Banking Corp, the business daily said. State-backed Innovation Network Corp of Japan, which is the company’s largest shareholder, will provide indirect support in the form of loan guarantees, the newspaper reported. (http://s.nikkei.com/2uDrqRm) The restructuring at the company’s smartphone panel plants in the central Japanese city of Nomi and China’s Jiangsu Province may involve halting production and trimming several hundred jobs through an early retirement offer, the Nikkei reported. The company has posted three consecutive years of loss in part because of fluctuating demand for Apple’s <AAPL.O> iPhones, the LCDs of which account for about half of Japan Display’s sales. Japan Display did not immediately respond to a request for comment.

(Reporting by Susan Mathew in Bengaluru; Editing by Sriraj Kalluvila)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.