"We find ourselves in a very regrettable situation," Higasgiiriki said. "Our biggest task is to build a management system that generates profits by keeping in mind that this is our last chance to restructure." Its current OLED prototype won't go into full production until 2019 -- a year later than previous estimates.
According to Reuters' sources, the display supergroup was hoping to raise 100 billion yen ($910 million) to pay for the restructuring. The company started in 2012 as a joint venture between Hitachi, Sony and Toshiba, with a focus on making small to mid-sized LCD screens.
Japan's Innovation Network Corp helped fund the venture back then, and could come to its rescue once again with a ¥75 billion ($683,147,250) investment, Reuters reports. That should cover the restructuring costs. But, if the rumors are true, Apple needs OLED screens now, not in two year's time.
Update: The post originally stated that JDI was hoping to raise 100 million yen ($910,000). The correct figure is 100 billion yen, or $910 million. The post has been updated with the change.