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Elpida says court again delays ruling on restructuring plans
October 3, 2012 / 7:00 AM / 5 years ago

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.

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

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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