November 10, 2009 – Korea’s MagnaChip Semiconductor has emerged from its Chapter 11 bankruptcy filed earlier this year, saying it’s "nearly debt-free" with >$50M cash.
The chip company, a 2005 spinoff from Hynix Semiconductor, filed for US bankruptcy protection in June, reportedly with total assets of $425M vs. debt of $1.04B. It was purchased by domestic limited partnership KTB 2007 Private Equity Fund for $80M, and announced its turnaround in September. Now, Avenue Capital Management II has become the controlling shareholder, and the company receives a $35M infusion through a rights offering.
In a statement, MagnaChip CEO Park Sang-ho characterized the company as "financially robust and ready to continue executing our growth plan."