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Japan Display to get more financial support from Apple

Apple Inc. will be among a group of backers expected to provide financial support to cash-strapped display panel maker Japan Display Inc., the Nikkei Asian Review reported.

Japan Display said a consortium of clients agreed to a ¥40 billion relief package for the company. According to a source, the iPhone maker will be responsible for the majority of the lifeline. The new deal involves faster payments for purchases by Apple and other forms of financial support.

Apple reportedly agreed to the new rescue package because it needs Japan Display to ramp up its supply of LCD panels in order to support the increased production targets of new iPhone models.

The latest bailout plan comes nearly a month after it was reported that Apple may provide Japan Display with US$200 million, doubling the amount it previously considered investing. Apple decided to step up its investment in response to Japan Display losing a capital injection worth ¥80 billion from Chinese investment company Harvest Tech Investment Management.

CGL Group and Taiwan's TPK Holding also backed out of their commitments to invest in Japan Display.

As of Oct. 23, US$1 was equivalent to ¥108.64.