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Elpida to get $2.1 billion in aid

Posted on Sunday, June 28 2009 @ 19:26:42 CEST by

Struggling Japanese memory maker Elpida has secured about 200 billion yen ($2.1 billion) in public and private financial aid over three years. Three of Japan's largest banks will lend around 100 billion yen, the Japanese government and government-controlled institutions will lend another 60 to 70 billion yen and the rest is expected to come from a public-private fund.
Japan's troubled chipmaker Elpida Memory Inc. is set to receive around 200 billion yen (2.1 billion dollars) in public and private financial aid over three years, according to a newspaper report.

Under the plan, the government-backed Development Bank of Japan will acquire preferred shares in the company, with the government effectively guaranteeing 80 percent of them, the Nikkei business daily said.
More details at AFP.



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