MUNICH, Germany For insolvent DRAM manufacturer Qimonda, the clock is ticking. While the insolvency administrator reports first contacts with potential suitors, the time line is tight.
"It is definitive: If we don't have an investor by end of March, the company will face breaking up", a spokesperson of insolvency administrator Michael Jaffé explained. Currently, the production as well as all other activities of the company including R&D continue to work. Wages and other running expenses are covered by insolvency protection but only until end of March. "Beginning April 1st, the company will have to be able to fund itself independently of insolvency protection. Thus, by this date there must be bridging loan or an investor available. The most urgent issue currently is liquidity," the spokesperson said.
He acknowledged media reports that the insolvency administrator had first contacts with potential suitors, but declined to elaborate on their specific interests. "We will continue to contact potentially interested parties", he added.
Currently the insolvency administrator apparently aims at finding an investor for the entire company instead of single parts. Qimonda's backend subsidiary in Porto (Portugal) has not filed insolvency, the insolvency administrator's spokesperson said. While it might be theoretically feasible to find new customers for this part of the group, nobody at Qimonda at the present time wants to adapt to the idea of selling the group part by part. "Porto processes 100 percent of the Dresden output. It would be very difficult for them to sheer out of the value chain", a Qimonda source hinted. "Currently all considerations are at the level of a selling it as a whole".
Coming Monday (Feb 2), Jaffé plans to travel to Porto and negotiate with the management there. Besides the back-end facilities for the DRAM production, Qimonda also is building a plant for photovoltaic products in northern Portugal.