TOKYO : 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 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".
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