Micron Announces Issuance by Tokyo High Court of Order Dismissing Creditor
BOISE, Idaho, May 15, 2013 (GLOBE NEWSWIRE) -- Micron Technology, Inc.
(Nasdaq:MU) ("Micron") today announced the Tokyo High Court's issuance of an
order dismissing creditor appeals of the Tokyo District Court's approval of
Elpida Memory, Inc.'s reorganization plan. Elpida's reorganization plan calls
for Micron to sponsor the reorganization under which Elpida will join the
Micron group of companies.
On February 28, the Tokyo District Court approved the reorganization plan
following an Elpida creditor vote in which the creditors voted overwhelmingly
to approve the plan. On March 29, certain unsecured creditors of Elpida filed
appeals of the District Court's approval order with the Tokyo High Court.
"We applaud the Tokyo High Court's ruling," said Micron CEO Mark Durcan. "This
is an important milestone on the way to Micron and Elpida joining to become
the world's second largest memory provider with the strongest product
portfolio in the industry."
The closing of the transaction remains subject to the satisfaction or waiver
of certain conditions—including recognition of Elpida's reorganization plan by
the United States Bankruptcy Court for the District of Delaware.
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.
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 our
expectations regarding 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 other conditions to closing are not
met. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future results,
levels of activity, performance or achievements.
CONTACT: Kipp Bedard
Micron Investor Relations
Micron Media Relations
Press spacebar to pause and continue. Press esc to stop.