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;))
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