Japan's Elpida files for bankruptcy

Summary:Japan's last remaining memory chipmaker has filed for bankruptcy after it suffered five straight quarters of losses, and failed to secure fresh funding

Japan's last computer memory chip manufacturer Elpida Memory has filed for bankruptcy and will delist from the Tokyo Stock Exchange.

Elpida sign

Japan's last remaining memory chipmaker Elpida has filed for bankruptcy. Image credit: Elpida

The company had failed to turn its fortunes around following a fall in semiconductor prices and a failure to secure fresh funding. Bloomberg reported on Tuesday that the company lost money for five straight quarters and, unable to sustain debts of 448 billion yen (£3.5bn), filed for bankruptcy at the Tokyo District Court on Monday. It will also be delisted from the Tokyo Stock Exchange on 28 March, it added.

Company chief executive Yukio Sakamoto revealed on Monday that expected funding from its partners did not materialise in the end. "We didn't hear detailed proposals from potential partners. We had expected to hear various offers," Sakamoto said in the report.

For more on this ZDNet UK-selected story, see Japan's Elpida files for bankruptcy, to delist on ZDNet Asia.


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Topics: Storage

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A Singapore-based freelance IT writer, Kevin made the move from custom publishing focusing on travel and lifestyle to the ever-changing, jargon-filled world of IT and biz tech reporting, and considered this somewhat a leap of faith. Since then, he has covered a myriad of beats including security, mobile communications, and cloud computing... Full Bio

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