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Japan Display to secure $1bn in credit from 3 key lenders

Commitments crucial to LCD maker's restructuring efforts

TOKYO -- Japan Display is on the verge of receiving a total of 110 billion yen ($1 billion) in credit line commitments from its three major lenders, clearing a crucial step in its planned turnaround efforts.

Mizuho Bank and Sumitomo Mitsui Banking Corp. will each extend 42 billion yen of credit. The remaining 26 billion yen credit line will come from Sumitomo Mitsui Trust Bank. The trio will obtain loan guarantees from the Innovation Network Corp. of Japan, the beleaguered liquid crystal display panel maker's top shareholder.

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