Elpida says court again delays ruling on restructuring plans

TOKYO Wed Oct 3, 2012 2:57am EDT

Elpida chips are seen at an electronic store in Tokyo's Akihabara district April 24, 2012. REUTERS/Toru Hanai

Elpida chips are seen at an electronic store in Tokyo's Akihabara district April 24, 2012.

Credit: Reuters/Toru Hanai

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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)

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