news conference: On Wednesday the company said it had agreed to an 80 billion capital injection from China's Harvest Tech Investment Management Co. and Hong Kong's Oasis Management Co., as well as financial support from major client Apple Inc, according to The Japan Times. But it canceled a joint news conference with its Chinese backers scheduled for Friday at which they were expected to announce the details of the bailout. The company also posted an operating loss of 27.48 billion on sales of 90.42 billion for the first quarter, down 12.5 percent from a year earlier. ; Japan Display's capital adequacy ratio stood at minus 19.3 percent at the end of June. The deadline for the capital injection has been extended to Aug. 28 next year instead of Dec. 30 because it might take some time to win the approvals necessary for the bailout plan from authorities in Japan and China. For the fiscal year ended March, Japan Display incurred a fifth consecutive group net loss on declining demand from Apple. The rescue plan was created after Taiwanese panel maker TPK Holding Co. and Taiwanese private equity fund CGL group withdrew plans for throwing the company a lifeline following months of negotiations.
(news.financializer.com). As
reported in the news.
Tagged under news conference, chinese backers topics.