SAN JOSE, Calif. -- Another large chip maker has filed for bankruptcy. South Korea's MagnaChip Semiconductor Ltd.--the logic spin-off of Hynix Semiconductor Inc.--on Friday (June 12) filed for Chapter 11 bankruptcy protection in the United States, according to court documents.
At the same time, a fund led by South Korea's KTB Securities Co. Ltd. has acquired MagnaChip and its affiliates, according to court documents. The deal is valued at about $80 million.
The bankruptcy filing involves the following entities: MagnaChip Semiconductor LLC, MagnaChip Semiconductor SA Holdings LLC, MagnaChip Semiconductor Inc., MagnaChip Semiconductor SA and MagnaChip Semiconductor Finance Co.
The company's sales units in Europe, Taiwan and Japan are not part of the Chapter 11 filing, according to reports. MagnaChip has assets up to $50 million, but it also estimated liabilities of more than $1 billion.
In 2004, the non-memory chip unit of Hynix was sold to a newly-created South Korean company formed by Citigroup Venture Capital Equity Partners L.P., CVC Asia Pacific Ltd. and Francisco Partners.
The new company, MagnaChip, inherited three main business lines from Hynix, including CMOS image sensors, LCD drivers and foundry services. In 2005, MagnaChip's sales were $937.7 million, a 13.6 percent decrease over 2004. It also showed a loss of $100.9 million in 2005.
In foundry services, the company does not compete head-to-head against Chartered, TSMC and UMC, but rather it offers specialty analog and mixed-signal foundry processes. MagnaChip has one 6-inch fab and two 8-inch plants in Cheongju. It has another 8-inch fab in Gumi.
RSS
Digital
10 emerging technologies to watch:
EE Times has compiled a list of emerging technologies that we think will be worth watching out for in 2010. Biofeedback or thought-control of electronics are among the contenders.
10 CEOs out in 2009:
It's been a tough year for the global electronics industry and CEOs. We survey the dismissal of 10 industry CEOs during the first three quarters of 2009 and what's ahead for the rest of the year.
Executive pay:
The economy stinks. Rank-and-file engineers are feeling the pain. What about technology CEOs? We crunched the numbers buried in corporate financial statements to find out. Here's what we found.
10 companies in trouble (revisited):
What follows is an updated version of 10 companies in trouble. Some companies have been removed since the last version, others remain. Still others have been added to the mix.
Early predictions for 2010:
The electronics industry is recovering, but there is still some uncertainty in the market. Some see a boom year in 2010. Some see a double dip. So what's in store for the rest of this year and 2010?
Top 10 IC vendors with cash:
The world's biggest IC companies by revenue rank not only among the best in their respective industry segments but are also more likely to have huge piles of cash that can be used to fund acquisitions, R&D and product development.
Notable women in microelectronics:
There is no better time than a global economic recession to examine the keys to successful corporate governance. So, EE Times has compiled an international list that celebrates women who are business and technology leaders in semis.
EE Times updates Silicon 60:
Seventeen companies have been added to the lastest version of our Silicon 60 list of emerging startups. Forty-three companies survived as emerging companies that are still worth watching.
RSS| 
Digital| 
Mobile
