The outfit made a mistake by getting into the OLED market too late which forced Apple to look elsewhere for the tech. This is a case-study of being too dependent on Apple, and the company announced one wave of restructuring.

Now it appears that might not be a enough and Japan Display is seeking outside financial help. Japan Display shares climbed 11 percent following the report of the latest possible restructuring in the country's struggling technology industry. 

Japan Display is reaching out to investment funds and is looking at capital and business tie-ups, Nikkei said. The company will also appoint a new management team at its annual shareholders meeting later this month, and announce a new medium-term business plan by August, said Nikkei.

The company, which has posted three straight years of losses, earlier announced a 30 percent cut in its workforce late last year, and has also been consolidating production at its plants.

The company is also seeking further help from the Innovation Network Corp of Japan (INCJ), a government-led technology venture which already extended the panel maker a lifeline last year.

In December, INCJ agreed to provide up to $685 million to help the company.

Japan Display has largely been in the red since its creation because of fluctuating demand for iPhones made by Apple, its biggest customer for liquid crystal display screens, which account for about half of its sales.

It also has been late to start developing organic light-emitting diode (OLED) panels, a thinner, more flexible technology used in higher-resolution displays which more smartphone makers including Apple are starting to use.

The company is forecasting more near-term losses due to falling sales and higher costs at one of its new plants, while it also pours more investment into OLED development. It plans to start mass manufacturing OLEDs next year.