21 December, 2008
Qimonda Set For Euro325 Million Bailout
Troubled
memory-chip maker Qimonda AG on Sunday secured a rescue package of
euro325 million ($452 million) in loans from a German regional
government, parent company Infineon and a Portuguese state bank.The Economy Ministry in the German state of Saxony, where Qimonda has a major plant, said in a statement that it achieved a "breakthrough" when Portugal agreed to join the rescue package through its state investment bank. The company has a facility in Porto, Portugal.
Munich-based Qimonda will get a euro150 million loan from Saxony, euro75 million from Infineon Technologies AG and euro100 million from the Portuguese bank, according to the ministry, Qimonda and Infineon.
Qimonda said that it also expects to receive loan guarantees worth euro280 million from the German federal government and Saxony.
In return for the package, the company said it committed itself to further developing its manufacturing and research facilities in Porto and in Dresden, Saxony's state capital.
Qimonda said earlier this month that it may face bankruptcy if it fails to find new investors. Makers of computer memory chips have been hit hard by falling prices and an oversupply of the products.
Sunday's moves "allow Qimonda to complete its repositioning ... and re-establish its competitive position in the memory industry," as well as invest in new technology, chief executive Kin Wan Loh said.
Infineon spun off Qimonda in 2006 and still holds a 77.5-percent stake. Saxony initially called on Infineon to contribute euro150 million to the rescue package, but the parent company said last week it could not provide that much.
Qimonda, which has more than 12,000 workers, said in October it would cut 3,000 jobs in the U.S. and Germany and sell its stake in Inotera -- a joint venture with Taiwan's Nanya Technology Corp. -- to Micron Technology Inc. for $400 million.
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