Elpida Memory begins corporate reorganization, after February bankruptcy filing

The world's third-largest DRAM manufacturer must submit a reorganization plan by August

Japan's Elpida Memory, the world's third-largest maker of DRAM, said Friday it will officially begin reorganization proceedings and submit a final plan by August, amid reports that several large semiconductor makers would bid to offer funds and become partners.

Elpida filed for bankruptcy in February in a Tokyo court, saying it had accumulated debts of ¥448 billion (US$5.4 billion) as of March of last year. The court approved the reorganization plan on Friday, and the company's stock is to be delisted on March 28.

Company President Yukio Sakamoto said in a statement Friday that Elpida would seek to "maintain the company's corporate value and maximize the value of its assets."

The Japanese company has said it will search for outside investors and attempt to turn its business around. The Nikkei, Japan's largest business daily, reported earlier this week that it was in discussions with Micron, long rumored to be a potential partner, and that chip giant Intel was also a candidate.

The Japanese company was unable to recoup large investments it made to boost capacity in 2006 and 2007, as a global oversupply sent prices lower. It was subsequently battered by the global economic downturn, the strong Japanese yen, and flooding in Thailand that led to production halts for many electronics makers.

Elpida, Japan's only major DRAM manufacturer, has had struggles with the volatile chip market before. In 2009, it had similar troubles and secured 110 billion yen in loans from large Japanese banks and a government entity.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Jay Alabaster

IDG News Service
Show Comments

Cool Tech

Breitling Superocean Heritage Chronographe 44

Learn more >

SanDisk MicroSDXC™ for Nintendo® Switch™

Learn more >

Toys for Boys

Family Friendly

Panasonic 4K UHD Blu-Ray Player and Full HD Recorder with Netflix - UBT1GL-K

Learn more >

Stocking Stuffer

Razer DeathAdder Expert Ergonomic Gaming Mouse

Learn more >

Christmas Gift Guide

Click for more ›

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?