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Saturday, June 08, 2013
Micron Closer To Elpida Memory Deal

The closing of the Elpida-Micron transaction is almost a reality as Elpida's reorganization plan passed the United States Bankruptcy Court for the District of Delaware without a legal challenge.

U.S. creditors had until 4 p.m. on Friday to object to the request by Elpida to have a U.S. Bankruptcy Court in Delaware issue orders that would enforce its Japanese restructuring.

The restructuring includes the proposed sale of Elpida to Micron for 200 billion yen (about $2.1 billion), which will create the world's second-largest maker of memory chips.

In May, the Tokyo High Court's dismissed appeals previously filed by Elpida Memory's creditors in order to stop Elpida's reorganization plan.

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