August 21, 2012 / 11:23 AM / 5 years ago

Elpida says submitted restructuring plan to Tokyo court

TOKYO, Aug 21 (Reuters) - Japan’s Elpida Memory, which failed earlier this year, said on Tuesday it had submitted a restructuring plan to the Tokyo District Court, as expected following its agreement to be bought by U.S. chipmaker Micron Technology Inc.

Micron said in July it would buy Elpida for about $750 million in cash, propelling the U.S. company to second place in the global dynamic random access (DRAM) market after Samsung Electronics Co Ltd.

Elpida, Japan’s last remaining DRAM chipmaker and a supplier to Apple Inc, was driven into bankruptcy in February amid tough market conditions and stiff global competition.

A group of Elpida bondholders presented a rival plan this month to the Tokyo District Court that included a 30 billion yen ($378 million) loan, adding pressure on Micron to raise its bid.

The bondholders said Elpida was worth more than 300 billion yen, compared with the 60 billion yen Micron offered for the chipmaker’s equity.

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