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From the Reuters report, the Japanese viewpoint seems to hope there will still ...
Elpida submits restructuring plan advancing Micron deal
8/21/2012 3:14 PM EDT
SAN FRANCISCO—Japan's Elpida Memory Inc. said Tuesday (Aug. 21) it submitted a restructuring plan detailing its acquisition by Micron Technology Inc., bringing the $2.5 billion deal one step closer to reality, according to a report by the Reuters news service.
Micron confirmed in July it signed a definitive agreement to acquire and support Elpida for $2.5 billion. The deal includes $750 million to pay off a fraction of Elpida's debt to creditors at closing and another $1.75 billion to be paid in annual installment payments through 2019 to satisfy the claims of Elpida's creditors.
Elpida filed for bankruptcy protection in February.
Reuters also reported that a group of Elpida's unsecured debt holders continues to maintain that the deal undervalues Elpida. According to the report, the group, which says it hold about $1.2 billion of Elpida's $5.6 billion outstanding debt, submitted a plan last week to the Tokyo District Court that values Elpida at more than $3.78 billion.
Related stories:
Micron confirmed in July it signed a definitive agreement to acquire and support Elpida for $2.5 billion. The deal includes $750 million to pay off a fraction of Elpida's debt to creditors at closing and another $1.75 billion to be paid in annual installment payments through 2019 to satisfy the claims of Elpida's creditors.
Elpida filed for bankruptcy protection in February.
Reuters also reported that a group of Elpida's unsecured debt holders continues to maintain that the deal undervalues Elpida. According to the report, the group, which says it hold about $1.2 billion of Elpida's $5.6 billion outstanding debt, submitted a plan last week to the Tokyo District Court that values Elpida at more than $3.78 billion.
Related stories:
- Bondholders say Elpida is grossly undervalued
- IHS: Strong mobile DRAM market drove Micron's Elpida buy
- Micron's Elpida buy carries risks, says IHS
- Elpida bondholders to propose alternative to Micron takeover
- Micron confirms Elpida deal, also plans Rexchip purchase
- Micron reportedly strikes $2.5B deal for Eplida
- Micron interested in Elpida despite more losses
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resistion
8/22/2012 12:09 AM EDT
From the Reuters report, the Japanese viewpoint seems to hope there will still be an Elpida after Micron's purchase. They still don't get there will only be Micron afterwards.
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