Reuters: Regulatory News: Elpida bondholders threaten to thwart auction-filing

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Elpida bondholders threaten to thwart auction-filing May 2nd 2012, 11:46 TOKYO | Wed May 2, 2012 7:46am EDT TOKYO May 2 (Reuters) - A group of bondholders of bankrupt Japanese semiconductor maker Elpida Memory Inc <ELPDF.P K> have threatened to thwart the auction of the company's assets if trustees agree to a reported selling price of 150 billion yen ($1.9 billion). In a filing to a Tokyo district court on April 27, the bondholders said they could submit a rival reorganisation plan if the bankruptcy trustees agreed to a low-ball bid that would "unintentionally transfer great value to the winning sponsor". The Elpida bondholders did not identify themselves by name in the filing, but said their group held aggregate claims of about 50 billion yen and included financial institutions with major operations in Japan and funds that invest on behalf of Japanese.

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