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By | Brid-Aine Parnell 3rd October 2012 14:32

Will Elpida be gobbled by a rival or get a multi-billion cash jab?

Japanese court stalls decision on restructuring deals

A court in Tokyo has once again postponed the decision on whether to allow US firm Micron to slurp bankrupt DRAMmurai warrior Elpida Memory.

Micron agreed to rescue the firm back in July, offering $2.5bn (¥200bn, £1.6bn) to take it over. But bondholders claim that the offer is totally unfair and doesn't value Elpida highly enough, so they've put forward a competing plan for restructuring.

The bondholder group want to give the chipmaker a loan of $383m (¥30bn, £238m) to start with and then get another financial sponsor to inject some more cash into the firm. A committee set up by the court needs to examine both the plans and make a recommendation.

The decision was supposed to come at the end of September, but the court has now said it needs until 29 October to make up its mind.

Elpida had to file for bankruptcy in February, stuck with debts of ¥448bn ($5.72bn, £3.55bn). ®

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