Micron Applauds Tokyo District Court Submission Order
BOISE, Idaho, Oct. 31, 2012 (GLOBE NEWSWIRE) -- Micron Technology, Inc.
(Nasdaq:MU) ("Micron") today applauded the Tokyo District Court's order
approving the submission of Elpida Memory Inc.'s reorganization plan to
creditors as part of Elpida's corporate reorganization proceedings. Elpida's
plan of reorganization calls for Micron to sponsor Elpida's reorganization and
provides for the combination of Elpida and Micron. The Tokyo District court
also confirmed that a competing plan of reorganization proposed by certain of
Elpida's creditors would not be submitted for creditor approval.
"Micron is pleased with the Tokyo District Court's order to submit Elpida's
plan of reorganization to creditors for approval. This is an important step
forward in the reorganization process," said Micron CEO Mark Durcan. "The
combination of Micron and Elpida will create the world's second largest memory
company with the strongest product portfolio in the industry."
The closing of the transaction remains subject to creditor approval and court
and regulatory approvals in other countries, and is expected to be completed
in the first half of calendar 2013.
Micron Technology, Inc., is one of the world's leading providers of advanced
semiconductor solutions. Through its worldwide operations, Micron manufactures
and markets a full range of DRAM, NAND and NOR flash memory, as well as other
innovative memory technologies, packaging solutions and semiconductor systems
for use in leading-edge computing, consumer, networking, embedded and mobile
products. Micron's common stock is traded on the NASDAQ under the MU symbol.
To learn more about Micron Technology, Inc., visit www.micron.com.
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Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. All
other trademarks are the property of their respective owners.
This press release contains forward-looking statements regarding future events
that involve risks and uncertainties. For example, statements related to the
size of the company created by combining Micron and Elpida and the strength of
the combined company's product portfolio, and the expected timing of the
closing of the transaction, are forward-looking statements. Various factors
could cause actual events or results to differ materially from those
anticipated by the forward-looking statements. These factors include the
possibility that the transactions do not close when expected or at all, or
that we may be required to modify aspects of the transactions to achieve
regulatory approval; that we are unable to maintain customers, successfully
execute our integration strategies, or achieve planned synergies; that we are
unable to accurately forecast the anticipated financial results of the
combined business; that our consolidated financial condition may be adversely
impacted by the increased leverage resulting from the transactions; that the
combined business is unable to compete successfully in the highly competitive
and rapidly changing memory market; that we are unable to retain employees
that are key to the operations of the combined business; and other factors
that are disclosed in our most recent Form 10-K including in the Risk Factors
section under the headings "Our pending acquisitions of Elpida and Rexchip
involve numerous risks", "Our pending acquisitions of Elpida and Rexchip
expose us to significant risks from changes in currency exchange rates", "Debt
obligations could adversely affect our financial condition" and "We may make
future acquisitions and/or alliances, which involve numerous risks." These
documents contain and identify important factors that could cause the actual
results for Micron on a consolidated basis to differ materially from those
contained in our forward-looking statements. Although we believe that the
expectations reflected in the forward-looking statements are reasonable, we
cannot guarantee future results, levels of activity, performance or
CONTACT: Kipp Bedard
Micron Investor Relations
Micron Media Relations
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