On Friday, according to two sources with direct knowledge of the matter at hand, Japan Display Inc, an Apple supplier, is likely to get a three-month extension in credits worth $985 million (107 billion yen) from its three main creditors.
All three banks – Mizuho Bank Ltd, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank Ltd, are all likely agree to extend their commitments until March 31, said the sources who prefered the cover of anonymity given that the talks are still ongoing and are thus private.
Japan Display, producer of liquid crystal displays (LCD) for smartphones has been having challenging cashflow issues for the past five years. Last month, it reported its 11th consecutive quarterly net loss citing sluggish display sales and restructuring costs.
Japan Display’s spokesman declined to comment.