News Article
Qimonda has more bad news
The USA branch of Qimonda has filed for chapter 11 bankruptcy.
IN a further blow to Qimonda’s efforts to lift themselves out of the debt rut they have found themselves in, two US units of the company filed for Chapter 11 bankruptcy protection in the United States.
Qimonda Richmond LLC and Qimonda North America filed petitions in publicly listed bankruptcy court in Delaware. Both companies stated they would need to find buyers for the North American assets that total over US$ 1 Billion. Unfortunately this is about the same amount of liability held by the two units.
It is unclear how much impact this will have on the German’s efforts to continue the company despite filing for insolvency. IN the current financial climate, Qimonda may have trouble attracting the sort of offers they will be looking for. We are currently in what is known as a buyer’s market.
Qimonda Richmond LLC and Qimonda North America filed petitions in publicly listed bankruptcy court in Delaware. Both companies stated they would need to find buyers for the North American assets that total over US$ 1 Billion. Unfortunately this is about the same amount of liability held by the two units.
It is unclear how much impact this will have on the German’s efforts to continue the company despite filing for insolvency. IN the current financial climate, Qimonda may have trouble attracting the sort of offers they will be looking for. We are currently in what is known as a buyer’s market.
