Elpida bond administrator, creditors to vote on reorganization plan

By Caroline Salls

Pittsburgh, Jan. 30 - Elpida Memory, Inc.'s creditors are scheduled to vote on its proposed reorganization plan by Feb. 26, according to a news release.

A meeting of holders of the second series and third series of 130% call option attached unsecured convertible bonds was held on Jan. 23.

Holders of the second bond series voted to allow the bond administrator to vote on their behalf to reject the plan, meaning they will not vote individually.

Meanwhile, holders of the third bond series rejected two proposed bills, one that would allow the administrator to vote to approve the plan on their behalf and one that would allow it to disapprove it on their behalf. As a result, the third series bondholders will vote individually.

Elpida said the vote at the Jan. 23 meeting does not mean that the plan submitted to the court has been rejected.

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

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