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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Qimonda still seeks investors, cuts production Reuters - Saturday, March 14 FRANKFURT - Insolvent German chipmaker Qimonda will continue talks with potential investors beyond March and will reduce production to standby-mode by the end of this month, according to its insolvency administrator. ADVERTISEMENT "Various investors have signaled their interest, but as yet there are no binding offers on the table," said Michael Jaffe on Friday after a meeting with the creditors committee. "As anticipated, it will not be possible to reach a conclusive solution by the end of March," he said. Qimonda has around 3,000 staff at its main European site in Dresden, the state capital of Saxony. It is expected to begin insolvency proceedings after it filed for insolvency in January. That means, from next month on the company would have to cover all wage and salary payments itself, Jaffe said, adding production in Dresden will gradually be ramped down and put into standby mode by March 31, 2009. Qimonda filed for insolvency after it said a 325 million euro rescue attempt by its home state of Saxony, parent company Infineon and a group of banks had not come in time. Jaffe reiterated that Qimonda -- the world's fourth-biggest maker of DRAM chips -- would be liquidated if it could not find a financial investor. Qimonda is suffering from a massive drop in prices for dynamic random access memory chips, its main product, and shares this with competitors such as Elpida and Samsung. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Technology Qimonda still seeks investors, cuts productionReuters - Saturday, March 14 Alfa's Fridman fighting different war on VimpelcomReuters - Saturday, March 14 Web founder fears 'snooping' on the InternetAFP - Saturday, March 14 www.20yearsold -- World Wide Web feels its growing painsAFP - Saturday, March 14 German Qimonda closer to liquidation: administratorAFP - Saturday, March 14 Most Popular – Technology Viewed For sale: nagging wife, very high maintenance VW reveals race to overtake GM, Toyota World Bank warns of "very dangerous" year ahead Space junk sparks crew scare on ISS Chimp used planning skills to attack humans View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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