Apple supplier Japan Display said on Monday it aims to raise as much as 60-80 billion yen in new financing as early as this week.
The Japanese LCD maker has been hurt by a slowdown in iPhone sales and a proliferation of new models that use newer, organic light-emitting displays (OLED).
JDI said it has been engaged in negotiations with external parties in cooperation with INCJ, Ltd., its largest shareholder. This week the company is aiming to reach an agreement with "certain parties" that will lead to 60-80 billion yen financing through the issuance of stock and bonds and a total capital increase of more than 110 billion yen based in part on INCJ’s refinancing of existing credit to JDI by underwriting preferred shares.
Japan Display, formed in 2012 in a government-backedmerger of the ailing display units of Sony,Toshiba and Hitachi, flagged its fifth straight year of net losses in February.