After months of back and forth, Japan Display (JDI) has reached an agreement with Harvest Fund Management Group and Oasis Management Company on a $738 million bailout deal. The arrangement was initially supposed to involve Taiwanese display manufacturer TPK Holding before the firm abruptly pulled out of the negotiations last month.
Now, Harvest Group will increase its investment to $500 million, while Oasis Management will contribute between $150 million and $180 million in addition to covering potential currency fluctuations. Apple is also joining the ranks with an estimated $100 million investment to help its long-standing LCD supplier.
It was Apple’s transition from LCD to OLED screens in its flagship iPhones that pushed JDI to the brink of collapse but now it seems the Japanese display consortium is set to continue its operations. According to Reuters, the bailout deal is set to be formalized at the JDI shareholder meeting on August 29.