January 31, 2020 / 9:04 AM / 23 days ago

Apple supplier Japan Display seals $920 mln bailout from Ichigo

TOKYO, Jan 31 (Reuters) - Japan Display Inc said on Friday it sealed a deal to receive up to 100.8 billion yen ($918.87 million) from Ichigo Asset Management, a critical bailout for the Apple supplier that has been dependant on publicly funded rescues.

The deal will give the independent Japanese investment manager effective control of the liquid crystal display (LCD) maker with a 44.26% stake initially, replacing the Japanese government-backed INCJ fund as the top shareholder.

The bailout comes as Apple, which sources LCD panels for iPhones from Japan Display, has shown its commitment to financially support Japan Display, which sources said reassured other investors. (Reporting by Makiko Yamazaki; editing by David Evans)

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