Elpida asks U.S. to recognize Japan's reorganization plan confirmation

By Jim Witters

Wilmington, Del., May 22 - Elpida Memory Inc.'s foreign representatives are seeking U.S. recognition of the Japanese reorganization plan confirmed by the Tokyo District Court in February, according to a May 22 filing with the U.S. Bankruptcy Court for the District of Delaware.

The foreign representatives, Yukio Sakamoto and Nobuaki Kobayashi, also are asking the court to entrust the administration of the plan and the distribution of Elipda's U.S. assets to them and to bar Elpida creditors from starting or continuing in the United States any legal actions regarding claims.

As previously reported, Elpida's plan calls for Micron to sponsor Elpida's reorganization. Elpida will become a wholly owned subsidiary of Micron Technology, Inc.

The Tokyo District Court's approval followed an Elpida creditor vote, concluded on Feb. 26, in which the creditors voted to approve the reorganization plan.

A hearing for consideration of the recognition motion is scheduled for 10 a.m. ET on June 27.

Elpida, a Tokyo-based manufacturer of DRAM integrated circuits, filed for bankruptcy on March 19, 2012 to gain recognition of its Japanese proceedings. Its Chapter 15 case number is 12-10947.

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