Reuters: Bankruptcy News: UPDATE 1-Elpida bondholders offer $383 mln loan in alternative plan -source

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Elpida bondholders offer $383 mln loan in alternative plan -source Aug 14th 2012, 01:09 Mon Aug 13, 2012 9:09pm EDT TOKYO Aug 14 (Reuters) - A group of bondholders is offering to provide a loan of 30 billion yen ($383 million) to failed chipmaker Elpida Memory as part of a restructuring plan, aiming to counter a proposed takeover by Micron Technology Inc, a source told Reuters. The loan offer by the bond holders would be presented to the Tokyo District Court on Tuesday, the source familiar with the matter told Reuters. A group of Elpida bondholders last month opposed a plan by U.S.-based Micron to acquire the bankrupt chipmaker for $750 million, arguing that it undervalues the company's assets. Elpida, Japan's last remaining player in the dynamic random access memory (DRAM) market, filed for bankruptcy protection in February. The bond holders group, which has not identified its members, believed Elpida was worth 300 billion, the source said. Micron had agreed to acquire Elpida equity for 60 billion yen and pay creditors a total of 140 billion yen in annual instalments until 2019. The group believed that Elpida could restructure itself on its own, but it will seek an alternative financial sponsor who would be willing to inject cash, the source said.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions