Panasonic-Sony display maker files for court protection

JOLED Inc., an organic light-emitting diode display company created through a merger of Panasonic Corp.'s and Sony Corp.'s operations, said Monday it has filed for court protection with debt totaling 33.7 billion yen ($260 million).The company said it will pull out of the display manufacturing business and close its factories in Ishikawa and Chiba prefectures. The struggling venture said of the roughly 380 employees, it will lay off about 280 who are not involved in development.The company suffered from weakened demand for OLEDs and increased competition with its rivals, it said, while addi…READ FULL ARTICLE