Creditor, court and regulatory approvals still need to be given
The collapse of Elpida, a Japanese producer of random access memory, was one of the greatest company bankruptcies of the past few years, showing how low the memory market has fallen.To avoid going completely out like a light, Elpida decided to let Micron buy it.
That was many months ago. The time between then and now has been poured into negotiations and deliberations.
The Tokyo District Court, at least, has approved the acquisition. Now the two companies just need to get approval from the creditors and courts in other countries.
"This is an important step forward in the reorganization process. The combination of Micron and Elpida will create the world's second-largest memory company with the strongest product portfolio in the industry," said Micron CEO Mark Durcan.
When it gave the go for the buyout, the Tokyo District Court also rejected a separate plan proposed by some Elpida bondholders.
Elpida should become a part of Micron at some point in the first half of 2013.