Reuters: Bankruptcy News: Elpida says court again delays ruling on restructuring plans

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Elpida says court again delays ruling on restructuring plans Oct 3rd 2012, 06:51 TOKYO | Wed Oct 3, 2012 2:51am EDT TOKYO Oct 3 (Reuters) - Failed chipmaker Elpida Memory Inc said a Japanese court has again delayed its ruling on two competing plans to restructure the company. A committee set up by the court to examine plans involving a takeover by U.S. rival Micron Technology Inc and rival one from a group of Elpida bondholders is now expected to make a recommendation by Oct. 29, one month later than earlier estimated, Elpida said in a statement posted on its website on Friday. The court will make a final decision based on the recommendation. Elpida filed for bankruptcy in February in the largest corporate failure among Japanese manufacturers. Saddled with 482 billion yen ($6.2 billion) in liabilities, Elpida has agreed to be bought by Micron. The company's bondholders in August submitted a restructuring plan to the Tokyo District Court after disagreeing with a proposal drawn up by Elpida's court-appointed administrator which endorses the deal with Micron. The deadline for the committee's report has been extended once before by one month.

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