SEOUL, KOREA: MagnaChip Semiconductor Ltd. announced that its parent companies filed a voluntary petition for relief under Chapter 11 of the US Bankruptcy Code.
The filing follows MagnaChip’s announcement that it has signed a definitive agreement with an investment group led by KTB Securities, a leading investment firm operating in Korea, to acquire MagnaChip and its operating and sales affiliates.
The company is committed to completing the restructuring as quickly as possible, and plans to emerge from the process in late 2009 under a new ownership structure and essentially debt-free.
MagnaChip’s Korean operations are not part of the Chapter 11 filing. During the restructuring process, MagnaChip will carry on its manufacturing and development and sales activities to support its existing and new customers and product lines in Korea and overseas.
“After the restructuring is complete, MagnaChip will become a stronger and more financially stable company under the leadership of a dynamic and committed investment group,” said Sang Park, Chief Executive Officer of MagnaChip.
Saturday, June 13, 2009
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