Micron Announces Tokyo District Court Approval of Elpida Reorganization Plan
BOISE, Idaho, Feb. 28, 2013 (GLOBE NEWSWIRE) -- Micron Technology, Inc.
(Nasdaq:MU) ("Micron") today announced the Tokyo District Court's issuance of
an order approving Elpida Memory Inc.'s plan of reorganization. Elpida's plan
of reorganization calls for Micron to sponsor Elpida's reorganization under
which Elpida will become a wholly owned subsidiary of Micron. The Tokyo
District Court's approval follows an Elpida creditor vote, concluded on Feb.
26, in which the creditors voted to approve the reorganization plan.
"We are very pleased with the Tokyo District Court's approval of Elpida's plan
of reorganization. This is an important milestone that brings us a significant
step closer to Micron and Elpida becoming the world's second largest memory
company with the strongest product portfolio in the industry," said Micron CEO
The closing of the transaction remains subject to the satisfaction or waiver
of certain conditions—including finalization of the Tokyo District Court's
approval order under Japanese bankruptcy rules that could occur as early as
four weeks from today presuming no appeal is filed, and recognition of
Elpida's reorganization plan by the United States Bankruptcy Court for the
District of Delaware (or the completion or implementation of alternative
actions providing a substantially similar effect). Elpida and Micron continue
to target completion of the transaction in the first half of calendar 2013.
Elpida's proposed reorganization plan was submitted to the Tokyo District
Court on Aug. 21, 2012, and the Tokyo District Court approved the submission
of Elpida's proposed reorganization plan to creditors on Oct. 31, 2012.
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.
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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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