Micron moves another step closer to Elpida deal
Boise, Idaho-based Micron Technology has announced the Tokyo District Court's issuance of an order approving Elpida Memory Inc.'s plan of reorganisation.
Elpida's plan calls for Micron to sponsor Elpida's reorganisation under which Elpida will become a wholly owned subsidiary of Micron. The Tokyo District Court's approval follows an Elpida creditor vote, concluded on February 26th, in which the creditors voted to approve the reorganisation plan.
"We are very pleased with the Tokyo District Court's approval of Elpida's plan of reorganisation. This is an important milestone that brings us a significant step closer to Micron and Elpida becoming the world's second largest memory company with the strongest product portfolio in the industry," said Micron CEO Mark Durcan.
The closing of the transaction remains subject to the satisfaction or waiver of certain conditions.
These include the finalisation of the Tokyo District Court's approval order under Japanese bankruptcy rules that could occur as early as four weeks from today presuming no appeal is filed, and recognition of Elpida's reorganisation plan by the United States Bankruptcy Court for the District of Delaware (or the completion or implementation of alternative actions providing a substantially similar effect).
Elpida and Micron continue to target completion of the transaction in the first half of calendar 2013. Elpida's proposed reorganisation plan was submitted to the Tokyo District Court on August 21st, 2012, and the Tokyo District Court approved the submission of Elpida's proposed reorganisation plan to creditors on October 31st, 2012.
Micron Technology, Inc., is one of the leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets a full range of DRAM, NAND and NOR flash memory, as well as other innovative memory technologies, packaging solutions and semiconductor systems for use in leading-edge computing, consumer, networking, embedded and mobile products.
