Display maker JOLED to restructure with JDI support (updated)
27/03/2023 11:15
(Adds details from JOLED, JDI statements, JOLED spokesperson)
By Kantaro Komiya and Shinichi Uchida
TOKYO, March 27 (Reuters) - JOLED Inc, the Japanese
company that took over Sony and Panasonic's OLED display
businesses, has filed for rehabilitation proceedings through the
Tokyo District Court, the debt-laden company said on Monday.
The company also said it has executed a basic agreement with
Japan Display Inc (JDI) 6740.T to support JOLED's technology
development business.
Under the court-led restructuring, or civil rehabilitation,
JOLED said it will rebuild its research and development unit
with JDI's support but discontinue its manufacturing and sales
divisions.
JDI said in a separate statement that it agreed to inherit
JOLED's technologies and intellectual property and retain its
employment, while supporting "the smooth termination and
liquidation of JOLED businesses that JDI does not inherit".
A JOLED spokesperson said that its debt totalled about 33.7
billion yen ($256.3 million) at the end of January.
($1 = 131.4800 yen)
(Reporting by Kantaro Komiya
Editing by Bernadette Baum and David Goodman)
((Kantaro.Komiya@thomsonreuters.com; Twitter: @kantarokomiya;))