March 23, 2012 — Elpida’s bankruptcy process moved forward another step, with the Tokyo District Court naming Yukio Sakamoto, Elpida president & CEO and Nobuaki Kobayashi, attorney-at-law as the Trustees for its bankruptcy.
Barclays Capital notes that the appointment of Sakamoto could be a near-term catalyst for a quicker resolution; the independent trustee could delay the process given the complexity of the business. Barclays says the court went both ways in the decision to name co-Trustees.
Hideki Gomi, Yoshitaka Kinoshita, and Kosei Watanabe, attorney-at-law and other lawyers, will serve as Deputy Trustees. The Examiner for the bankruptcy proceedings is Atsushi Toki.
Elpida will likely to continue to solicit bids from investors over the coming weeks, Barclays asserts. Also read: Is Micron (MU) bidding for Elpida’s assets?
Initial schedule for Elpida Memory and Akita Elpida Memory:
- Period during which the interested parties may submit their opinion with respect to the Appointment of the Trustees: Until April 20, 2012
- Filing period for reorganization claims: Until May 21, 2012
- Submission deadline for report by the Trustee (Corporate Reorganization Act Article 84 Section 1): Until May 29, 2012
- Submission deadline for the Trustee’s statement of approval or disapproval: June 19, 2012
- Period to examine Proofs of Reorganization Claims, etc: From June 26, 2012 to July 3, 2012
- Submission deadline for proposed reorganization plan (by the interested parties): August 14, 2012
- Submission deadline for proposed reorganization plan (by the Trustee): August 21, 2012
More at http://www.elpida.com/en/index.html.