InfoAnda - Elpida bondholders to vote against Micron plan: document |

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

'Death With Dignity' Law Goes Into Effect In Washington State | 2 March 2009
Thai lawmakers postpone session amid protests | 23 November 2008
Rock groups Kasabian, Muse lead major British awards | 25 February 2010

Tech giants unveil energy-saving TVs at CES | 9 January 2009

Forum Views () Forum Replies ()

Read more with google mobile : Elpida bondholders to vote against Micron plan: document |

Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Technology Media Small Business Legal Deals Earnings Social Pulse Business Video The Freeland File Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Reuters Investigates Decoder Politics Politics Home Election 2012 Campaign Polling Tales from the Trail Political Punchlines Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Tech Tonic Social Pulse Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Bernd Debusmann Nader Mousavizadeh Lucy P. Marcus David Cay Johnston Bethany McLean Anatole Kaletsky Edward Hadas Hugo Dixon Ian Bremmer Lawrence Summers Susan Glasser The Great Debate Steven Brill Jack & Suzy Welch Frederick Kempe Christopher Papagianis Mark Leonard Breakingviews Equities Credit Private Equity M&A Macro & Markets Politics Breakingviews Video Money Money Home Tax Break Lipper Awards 2012 Global Investing MuniLand Unstructured Finance Linda Stern Mark Miller John Wasik James Saft Analyst Research Alerts Watchlist Portfolio Stock Screener Fund Screener Personal Finance Video Money Clip Investing 201 Life Health Sports Arts Faithworld Business Traveler Entertainment Oddly Enough Lifestyle Video Pictures Pictures Home Reuters Photographers Full Focus Video Reuters TV Reuters News Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Russia's Putin says the West is on the decline 09 Jul 2012 Usher's Stepson Brain Dead After Accident at Ga. Lake 09 Jul 2012 Texas rejects key provisions of Obama's health law 09 Jul 2012 Episcopalians set to be first big U.S. church to bless gay marriage 09 Jul 2012 Broker missing $220 million in client funds; founder attempts suicide 09 Jul 2012 Discussed 254 In California, immigration bill designed as the ”anti-Arizona” 113 Scientists to unveil milestone in Higgs boson hunt 104 Obama team targets Romney over taxes, Republicans cry foul Watched Marine scientists seek solutions to global reef decline Mon, Jul 9 2012 It's a panda-monium! Thu, Jul 5 2012 Pakistanis protest reopening of NATO supply routes Mon, Jul 9 2012 Pictures Reuters Photojournalism Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption Floods sweep Russia Over a hundred people were killed in flash flooding in southern Russia. Slideshow Olympic venues A look at the stadiums and venues for the upcoming 2012 Olympic Games in London. Slideshow Elpida bondholders to vote against Micron plan: document Tweet Share this Email Print Related News Samsung's Galaxy powers record $5.9 billion profit; euro a worry Thu, Jul 5 2012 Japan's Renesas seeks to cut 12 percent of workforce Tue, Jul 3 2012 All Nippon Airways says to raise up to $2.6 billion in shares Tue, Jul 3 2012 Deals of the day -- mergers and acquisitions Mon, Jul 2 2012 Apple pays $60 million to settle China iPad trademark dispute Mon, Jul 2 2012 Analysis & Opinion New mortgage seizure plan is the nuttiest idea yet NY appeals court gives big boost to BofA in MBS put-back suits Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Japan » A poster of the Elpida Backup Fair is displayed at an electronics store in Tokyo's Akihabara district February 28, 2012. Credit: Reuters/Toru Hanai By Junko Fujita TOKYO | Tue Jul 10, 2012 3:47am EDT TOKYO (Reuters) - A group of Elpida Memory Inc (ELPDF.PK) bondholders will vote against Micron Technology Inc's (MU.O) plan to acquire the bankrupt Japanese chipmaker for about $750 million, arguing that it undervalues the company's assets, a court filing shows. In a filing to a Tokyo district court on July 9, the bondholders said they would present an alternative proposal to counter Micron's offer. The bondholders, which did not disclose their identities, said they were multi-billion dollar international funds investing on behalf of clients including Japanese and global pension funds. The submission of an alternative plan, which is unusual in bankruptcy cases in Japan, would require the approval of the court before it could be put to a vote by all of Elpida's creditors. It was not immediately clear if the group of bondholders had enough votes to scuttle the Micron deal agreed earlier this month. The group is considering striking an alliance with other Elpida creditors, including major Japanese banks, in drawing up the plan that would involve bringing in a new sponsor to replace Micron, said a source with direct knowledge on the matter. The counter proposal will be completed by October when a voting for the restructuring takes place, said the source, who declined to be identified because the information was confidential. Micron agreed to acquire Elpida's equity for 60 billion yen ($753.7 million) and pay creditors a total of 140 billion yen in annual installments until 2019. Micron will also buy a 24 percent stake in Taiwan-based Rexchip Electronics (4932.TWO) from Powerchip Technology Corp (5346.TWO) for $334 million. The bondholders said the installments appeared to "be so conditional that creditors cannot be confident that they will ever be made," according to the filing. They also argued that Micron's offer to pay $334 million for the 24 percent stake in Rexchip implied that Elpida's 65 percent stake in Rexchip alone was worth 72.3 billion yen, a premium to the 60 billion yen offered for all of Elpida's equity. The acquisition of Elpida would push Micron into second place behind market leader Samsung Electronics (005930.KS) in the global market for DRAM computer memory chips. The deal would also ensure the survival of some of Elpida's operations, which had been put in jeopardy after the chipmaker filed for bankruptcy in February with 448 billion yen in debts, unable to keep pace with global competition and tumbling DRAM prices. DEEPLY DISCOUNTED Micron's acquisition of Elpida for the total sum of 200 billion yen was announced on July 2. On that day, Micron told analysts that it was purchasing Elpida at a "deeply discounted multiple'' that would immediately contribute to its earnings, the group of bondholders said in the filing. This is a "ridiculously low" acquisition multiple by any reasonable standard for mergers and acquisitions, the bondholders said. Based on Micron's own estimate for Elpida, the 200 billion yen represents only 2.1 times the chipmaker's EBITDA, or earnings before interest, taxes, depreciation and amortization, a commonly used method to gauge the value of a company, the bondholders said. The bondholders also asked the Tokyo district court to pass judgment on Yukio Sakamoto, a trustee of Elpida who served as chief executive of the company until the chipmaker filed for bankruptcy protection. All of Elpida's stakeholders are entitled to know exactly what happens to Sakamoto if the sale to Micron is implemented, the group said in the filing. The bondholders, which also invest on behalf of educational and charitable organizations, said they wanted to know if Sakamoto would continue to be employed by Elpida or Micron, and if so they would like to know the position he would hold and the compensation he would be getting. Elpida's failure, Japan's biggest bankruptcy ever by a manufacturer, chose Micron as its preferred investor in May. It is rare in Japan for creditors to get involved in the restructuring of a bankrupt company. Last year a group of foreign creditors of failed consumer lender Takefuji filed a motion seeking a better recovery rate on their debts, but it was rejected by the court. ($1 = 79.6050 Japanese yen) (Reporting by Junko Fujita; Editing by Michael Watson and Ryan Woo) Tech Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Japan Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Other News on Tuesday, 10 July 2012
Thousands of Pakistanis protest opening of NATO supply route |
Russia blames local officials over fatal floods |
Bahrain court jails protest leader over tweets: lawyer |
Kenya candidates face ICC trial month after vote |
Mladic trial witness tearfully recalls loss of father |
FARC funding squeeze driving attacks on oil and mining: minister |
Saudi Arabia says two killed after cleric's arrest |
Verizon's cable deals make headway but regulatory doubts linger |
Intel to buy slice of ASML, bankroll next-gen R&D |
Privacy risk from ads in apps rising: security firm |
Batman could fly, but he'd crash and die |
Annan and Assad agree political approach for Syria |
Egypt parliament set to meet, defying army |
Congolese warlord jailed for 14 years in landmark case |
Wartime PM Jibril takes early lead in Libya vote |
Venezuela's Chavez says totally free of cancer, again |
Greek police ignore rising attacks on migrants: HRW |
Mixed verdict in former Israeli PM Olmert's corruption trial |
German transport firms turn offshore headache into profits |
Analysis: Japan plan to buy disputed isles risks China's ire |
Ukraine delays hearings in Tymoshenko tax case |
RIM marketing boss sees silver lining in BlackBerry delay |
Google to pay $22.5 million to settle privacy charges: WSJ |
Intel bankrolls next-gen chipmaking, buys into ASML for $4.1 billion |
TSMC says evaluating ASML's proposal to co-invest |
Packing power, Taiwan's Mediatek sees leap in cheaper chips |
Elpida bondholders to vote against Micron plan: document |
New Zealand court delays Megaupload extradition hearing to next year |
Tom Cruise, Katie Holmes wrap up speedy divorce |
Kardashian clan expands with Kourtney's new baby |
UK's Islamic cleric appeals extradition to U.S. |
Clinton raps Vietnam on rights, sees limits to ties |
Palestinians cautiously advance Arafat probe |
Congo denounces insurgency as Rwandan army invasion |
Russian lawmakers ratify WTO entry |
Vatican condemns illicit ordination in China |
CEO vows to turn RIM into lean, mean machine |
New iPad hits China July 20, well behind other markets |
European ruling on Google privacy policy set for September |
Applied Materials cuts full-year outlook on weak demand |
AMD slides as weak Europe, China prompts outlook cut |
Huawei eyes deals with Etisalat, Saudi Telecom |
Hugh Laurie, Dr John, Trombone Shorty in New Orleans tribute |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01