Apple supplier Japan Display set to receive $830 million from Ichigo

Apple supplier Japan Display Inc said on Thursday it plans to receive up to 90 billion yen ($830 million) in financial support from Ichigo Asset Management, giving effective control to the Japanese asset manager.

Ichigo will join Apple and Taiwanese contract electronics manufacturer Wistron Corp in bailing out the advanced liquid crystal display (LCD) maker.

Apple’s commitment to financially support Japan Display has reassured potential investors, sources familiar with the deal said.

“It’s a vote of confidence,” one of them said on condition of anonymity because of the sensitivity of the matter.

Apple, which sources LCD panels for iPhones from Japan Display, has agreed to shorten payment periods and to put up $200 million. The U.S. tech giant has rarely intervened to help distressed suppliers.