Creditors hear plan to save Qimonda Portugal, say reports

LONDON — The Portuguese DRAM test and assembly operation subsidiary of insolvent Qimonda AG (Munich, Germany) has been offered a financial life line and is taking on a new name, according to local reports.

A meeting of creditors held Wednesday (Nov. 26) heard of a plan to provide 15 million euro (about $22.5 million) in capital, divided among three partners. The Portuguese state will hold 18 percent and two local banks — BCP and BES — will hold 41 percent each, local reports said.

The new name of the company is to be Nanium and the rescue plan is being eagerly awaited by up to 770 workers who could be employed by the company. However it may take up to 18 months for the company to build up its workforce, local reports said.

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