Japan Display is facing a funding crunch due to Apple’s recent shift away from liquid-crystal displays (LCD) and disappointing sales of the iPhone XR, the only LCD model in Apple’s 2018 line-up. Apple accounts for 60 percent of Japan Display’s revenue.
Japan Display had been pursuing a bailout deal with a Chinese-Taiwanese consortium, but the suitors delayed an up to $741 million offer to reassess the company’s prospects.
Consortium members Harvest Group and Oasis Management Company set Thursday as the deadline to decide on its investment. Taiwanese screen maker TPK Holding Co Ltd and financial firm CGL Group dropped out of the process earlier this month.
Japan Display was formed in 2012 by combining the liquid-crystal display businesses of Hitachi, Toshiba and Sony in a government-brokered deal.