TOKYO, June 7 Japan Display Inc is
considering deeper restructuring than first planned and has
asked a state-backed fund for help after losing business with
Apple Inc due to its late entry into OLED technology,
the Nikkei business daily reported.
Shares in the company climbed 12 percent in morning trade.
In addition to the Innovation Network Corp of Japan (INCJ),
a government-led technology venture which extended the panel
maker a lifeline last year, it has also approached other
investment funds and is looking at capital and business tie-ups,
the newspaper said.
It added that Japan Display will appoint a new management
team at its annual shareholders meeting later this month, and
announce a new medium-term business plan by August.
A Japan Display spokesman said that the report was not based
on any announcement by the company.
Japan Display has posted three straight years of losses,
hurt by fluctuating demand for Apple's iPhones.
The company was created in 2012 by INCJ, combining the
display units of Hitachi Ltd, Sony Corp and
Toshiba Corp as a way of rescuing the country's
teetering tech industry.
INCJ agreed in December agreed to provide up to 75 billion
yen ($685 million) to help the company.
($1 = 109.4900 yen)
(Reporting by Naomi Tajitsu; Editing by Edwina Gibbs)