News Release
FOR IMMEDIATE RELEASENotice on Court Decision to Commence Corporate Reorganization Proceedings for Elpida Memory and Akita Elpida Memory
Tokyo, Japan, March 23, 2012 - Elpida Memory, Inc. (Tokyo: 6665) ("Elpida") hereby announces that on March 23, 2012 at 5 p.m. the Tokyo District Court ("the Court") made the order to commence corporate reorganization proceedings for Elpida and Akita Elpida Memory, Inc. ("Akita Elpida") , in response to petitions filed by the two companies on February 27, 2012 to begin such proceedings (in regards to the petitions see "Notice on Petition for Commencement of Corporate Reorganization Proceedings" and "Notice on Petition for Commencement of Corporate Reorganization Proceedings and Uncollectibility of Debts of Our Subsidiary," both announced by Elpida on February 27, 2012).
At the same time the Court appointed Yukio Sakamoto,
President & CEO, and Nobuaki Kobayashi,
attorney-at-law as the Trustees and made the order to
commence reorganization proceedings, it also ordered the
examination of the both companies by the Examiner.
We sincerely regret the hardship and inconvenience it has
caused among those who have been supporting us. From now on,
we will work together as a whole and will make our best
efforts to rebuild the business of our company under the
administration of the Trustees appointed by the Tokyo
District Court. Your continued support and contribution will
be greatly appreciated.
As for Elpida stock after it is delisted, please refer to our website (http://www.elpida.com/en/).
* * *
1. Order to Commence Corporate Reorganization Proceedings and
Examination Order
On February 27, 2012, Elpida filed a petition with the Tokyo District Court to commence corporate reorganization proceedings (court case name: Heisei 24 (Mi) No. 1, Corporate Reorganization Case). On March 23, 2012 at 5 p.m., the Court made the order to commence corporate reorganization proceedings and at the same time, ordered the examination by the Examiner.
(2) Akita Elpida Memory, Inc.
On February 27, 2012, Akita Elpida's filed a petition
with the Tokyo District Court to commence corporate
reorganization proceedings (court case name: Heisei 24 (Mi)
No. 2,
Corporate Reorganization Case). On March 23, 2012 at 5 p.m.,
the Court made the order to commence corporate reorganization
proceedings and at the same time, ordered the examination by
the Examiner.
2. Names of the Trustees, the Deputy Trustees and the
Examiner (for the two companies) Trustees Yukio Sakamoto,
Nobuaki Kobayashi, attorney-at-law
Deputy Trustees Hideki Gomi, Yoshitaka
Kinoshita