Bloomberg News

Elpida to File for Bankruptcy Today, Meet Press, Nikkei Says

February 27, 2012

Elpida Memory Inc. (6665), the Japanese chipmaker facing an April deadline to repay debts, will file for bankruptcy protection today, the Nikkei reported without saying where it got the information.

The company, with 480 billion yen ($5.9 billion) of liabilities, has scheduled a 6:30 p.m. press conference at the Tokyo stock exchange, the report said. Earlier today, the company suspended its shares from trading.

The maker of dynamic random access memory, or DRAM, chips used in computers said earlier this month it sees “uncertainty” over remaining in business because it didn’t have the necessary financing.

Elpida hadn’t been able to reach a deal with the trade ministry, the Development Bank of Japan and its main lenders over financing for 92 billion yen in bonds and loans due by April, the Tokyo-based company said Feb. 14.

Calls made to the office and mobile phones of the company’s public relations department weren’t answered.

To contact the reporter on this story: Naoko Fujimura in Tokyo at nfujimura@bloomberg.net

To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net


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