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Qimonda gets two months to find an investor

Posted on Friday, January 30 2009 @ 21:15:44 CET by


Insolvent memory maker Qimonda has received a lifeline of two months. Insolvency administrator Michael Jaffé wants to avoid breaking up Qimonda, and explains the German firm has until the end of March to find an investor.
"It is definitive: If we don't have an investor by end of March, the company will face breaking up", a spokesperson of insolvency administrator Michael Jaffé explained. Currently, the production as well as all other activities of the company including R&D continue to work. Wages and other running expenses are covered by insolvency protection — but only until end of March. "Beginning April 1st, the company will have to be able to fund itself independently of insolvency protection. Thus, by this date there must be bridging loan or an investor available. The most urgent issue currently is liquidity," the spokesperson said.

He acknowledged media reports that the insolvency administrator had first contacts with potential suitors, but declined to elaborate on their specific interests. "We will continue to contact potentially interested parties", he added.
More details at EE Times.


 



 

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