| | | re: Micron and Elpida--from Elpida's web site (a translation)
Q&As on the Order to Approve the Reorganization Plan
February 28, 2013
elpida.com
I am just posting this here for future reference. The acquisition should close, I think, by the end of July.
A couple of the items in the Q&A--
Q1
As a consequence of the approval of the Reorganization Plan, how will the shares held by
existing shareholders be treated?
A1
As announced before (by the “Notice of Submission of the Proposed Reorganization Plan”
dated September 7, 2012; elpida.com, all of the issued
and outstanding shares will be acquired and cancelled without consideration within three (3)
months from the approval of the Reorganization Plan and then the full amount of the stated
capital and capital reserve will be decreased (namely, a 100% capital decrease) since it was
found, as a result of the appraisal of the properties, that the Reorganizing Company was
insolvent.
Q1
When will the Reorganizing Company be consolidated into Micron Technology, Inc.
(“Micron”)?
A1
As stated in the “Notice of the Approval of the Reorganization Plan” dated February 28,
2013; (www.elpida.com/pdfs/pr/2013-02-28e.pdf), in order for the Reorganizing Company to
be consolidated into Micron, it is required that the conditions are fulfilled that are (i) for the
order to approve the Reorganization Plan to become final and conclusive, and (ii) for the
order to approve the Reorganization Plan to be recognized by the competent U.S. bankruptcy
court in accordance with the proceedings under Chapter 15 of the Bankruptcy Code of the
United States (or for other measures that have substantially the same effect as the recognition
to be implemented).
The consolidation into Micron will be implemented on a business day that is at least ten (10)
days after the fulfillment of these conditions and that falls on the last day of a month, and it
is to be designated by the Trustees subject to the approval by the Court.
Q2
Are you planning to announce the date of consolidation when it is determined?
A2
Yes. We will make the announcement thereof as soon as it has been officially decided. |
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