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Japan Display terminates deal with Suwa consortium

Japan Display Inc. formally ended its negotiations with a Taiwanese-Chinese consortium on a rescue package that has been stalled since September 2019.

The company said Jan. 8 that the Suwa consortium, which includes Taiwan-based TPK Holding Co. Ltd. and China-based Harvest Tech Investment Management, did not provide financial aid by the Dec. 31, 2019, deadline despite an earlier agreement that Suwa would inject ¥80 billion into the cash-strapped display-panel maker.

As a result, Japan Display terminated its capital and business alliance agreement with the consortium.

JDI said it would now focus on discussions with Tokyo-based Ichigo Asset Management Ltd., after agreeing to a ¥90 billion financial support from the asset manager in the absence of an alternative package from its current investors.

Japan Display aims to complete the fund procurement in February or March after finalizing negotiations with Ichigo this month.

Prior to Ichigo's investment pledge, Apple Inc. reportedly joined a consortium of JDI clients that were expected to provide a ¥40 billion bailout for the struggling company.

As of Jan. 9, US$1 was equivalent to ¥109.50.