Creditors are going to challenge Elpida Micron deal

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POSTER: computer news   ||   CREDITORS ARE GOING TO CHALLENGE ELPIDA MICRON DEAL	DATE:2012-07-11
Under the deal with Micron, which will control Elpida and its subsidiaries, the lenders of Japanese companies could count on the immediate delivery of a $ 750 million, and the remaining $ 1.75 billion will be paid in installments until 2019.  Obviously, this situation did not suit them, and they decided to challenge the deal between Elpida and Micron in Japanese courts. Group of Investment Companies, which represents the interests of large foreign and Japanese pension funds, has taken the initiative to revise the terms of the deal with Micron.  As holders of Elpida more than $ 5 billion, the plaintiffs say the deal with Micron unfair.  Discount in this case measured by the value of 2.2 times, the deal does not cover the losses of creditors.  Last October, intend to propose a restructuring plan, which most likely will not take into account the interests of Micron.   In the deal with Micron  the company will receive 24% stake in Rexchip for $ 334 million turns out that 65% of Rexchip, which belonged to Elpida, estimated at $ 905 million, although the entire Micron Elpida goes for $ 750 million is unlikely that these conditions can be called fair, although Micron agrees to pay all creditors $ 1.75 billion in installments until 2019.  Elpida price in a deal with Micron its opponents call ridiculously low. The plaintiffs are also interested in the further fate of Yukio Sakamoto , who led Elpida until the application for protection from creditors.  Will it work at Micron, how much it will receive, and who will retain the post - there are appropriate requests filed in the lawsuit.  For Japanese business practices of creditors involved in the restructuring of a bankrupt company is not the rule, and it only emphasizes the uniqueness of the situation around Elpida.   Related Products :

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