Qimonda has until the end of Q1 to find 'white knight'
Peter Clarke
(02/10/2009 8:14 AM EST)
URL: eetimes.com
LONDON — Troubled DRAM maker Qimonda AG, a subsidiary of Infineon Technologies AG, has until the end of March to find an investor, or investors, to buy the assets and allow the business to continue as a going concern.
If no substantial solution can be found by that time Qimonda, which is already under the jurisdiction of a preliminary insolvency administrator, is set to be broken up and the assets sold off, Qimonda said in a statement.
Michael Jaffe, the preliminary insolvency administrator, and Kin Wah Loh, president and CEO of Qimonda AG, have confirmed that talks with potential investors have been held recently but said it was still too early to make an assessment of the likelihood of success.
At least some of those talks are said to have been held in Hong Kong with a potential Chinese investor. New investment must be found by the end of March in order to assure the continuation of operations at Qimonda, the company said.
No final decisions have yet been taken concerning the future structure of the company, including whether those of its businesses that can be continued will be held through Qimonda AG or placed in a new company owned by new investors. In the latter case, or if investors cannot be found to finance the continuation of Qimondas businesses, Qimonda AG would likely be liquidated, the company said. |
