Apple Agrees to Wait for Money Owed by Japan Display [Report]

Apple Agrees to Wait for Money Owed by Japan Display [Report]

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Apple has agreed to wait for money that it's owed by Japan Display, paving the way for a Chinese-Taiwanese consortium to invest in the company, reports Reuters. The group is expected to formalize its investment by June 14th.

The consortium includes Taiwanese flat screen maker TPK Holding Co Ltd and Chinese investment firm Harvest Group. They will replace the Japanese government fund INCJ as Japan Display's biggest shareholder with a 49.8% stake. The deal will unlock up to $729 million in funds for the display maker.

A basic deal had been reached in mid-April but its formalization was delayed due to a change in Japan Display's financial situation. Soon after, INCJ offered to forgive 44.7 billion yen in debt for Japan Display's 27.2% stake in JOLED.

Today, Japan Display said 'a client' to which it owed money had agreed to half the pace of repayment for two years. It's believed this client is Apple which fronted most of the $1.5 billion cost of building a new plant four years ago. Japan Display was supposed to repay Apple with a percentage of screen sales but it purportedly still owes Apple about 100 billion yen.

More details in the full report linked below!

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Apple Agrees to Wait for Money Owed by Japan Display [Report]

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