Reuters: Regulatory News: UPDATE 1-Elpida bondholders threaten to thwart auction-filing

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Elpida bondholders threaten to thwart auction-filing May 2nd 2012, 11:57 Wed May 2, 2012 7:57am EDT TOKYO May 2 (Reuters) - A group of bondholders of bankrupt Japanese semiconductor maker Elpida Memory Inc 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. The bondholders said they may also seek recognition for a committee representing themselves and other unsecured creditors to participate in Elpida's reorganisation. They noted that unsecured creditors in total held claims of about 249 billion yen, or nearly three times secured creditors' claims. U.S.-based Micron Technology and South Korea's SK hynix are among a handful of chipmakers and funds that have shown interest in Elpida ahead of the final round of bids due as early as this week.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions