Struggling Apple supplier Japan Display has reached a deal with Ichigo Asset Management to receive up to 100.8 billion yen ($930 million USD) in bailout funding, reports Reuters.
The Japanese investment manager will effectively take control of the company, replacing the Japanese government backed INCJ fund as the largest shareholder.
In an attempt to help Japan Display stay afloat, Apple has agreed to shorten payment periods, relax terms for debt repayment, and put up $200 million in funding. This has reassured other investors including Ichigo's CEO Scott Callon who said it was the biggest reason for deciding to invest in the company.
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