Elpida says court again delays ruling on restructuring plans
TOKYO (Reuters) - Failed chipmaker Elpida Memory Inc said a Japanese court has again delayed its ruling on two competing plans to restructure the company.
A committee set up by the court to examine plans involving a takeover by U.S. rival Micron Technology Inc and rival one from a group of Elpida bondholders is now expected to make a recommendation by October 29, one month later than earlier estimated, Elpida said in a statement posted on its website on Friday.
The court will make a final decision based on the recommendation.
Elpida filed for bankruptcy in February in the largest corporate failure among Japanese manufacturers. Saddled with 482 billion yen ($6.2 billion) in liabilities, Elpida has agreed to be bought by Micron.
The company's bondholders in August submitted a restructuring plan to the Tokyo District Court after disagreeing with a proposal drawn up by Elpida's court-appointed administrator which endorses the deal with Micron.
The deadline for the committee's report has been extended once before by one month. ($1 = 78.0400 Japanese yen)
(Reporting by Junko Fujita; Editing by Muralikumar Anantharaman)
- Malaysia military source says missing jet veered to west |
- Ukraine appeals to West as Crimea turns to Russia |
- Malaysia air probe finds scant evidence of attack: sources |
- UPDATE 1-Missing Malaysian plane last seen at Strait of Malacca-source
- CIA accused of spying on U.S. Senate intelligence committee