On Wednesday, August 9, Japan Display announced plans to cut by 50 billion yen ($ 455 million) annual fixed costs. This is supposed to be done through restructuring, consolidation of production sites and job cuts.

On the eve of the publication Nikkei reported that Japan Display is going to cut more than 3,500 jobs - mainly in China and the Philippines. The Japanese manufacturer of screens for smartphones, televisions and other electronics confirmed this information, specifying that it plans to lay off about 3,500 employees abroad and another 240 people at its enterprises in Japan.

Japan Display also informed that the major lenders opened for her a new credit line in the amount of 107 billion yen (over 973 million US dollars).

The Nikkei publication said that the company was looking for additional funds for restructuring and was considering options for close cooperation with strategic investors and private investment funds, and hoped for financial support from its main shareholder, the Japanese state investment fund INCJ.