DGAP-News: Micron Applauds Tokyo District Court Submission Order
(firmenpresse) - Micron Technology, Inc.
31.10.2012 13:06
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BOISE, Idaho, 2012-10-31 13:05 CET (GLOBE NEWSWIRE) --
Micron Technology, Inc. (Nasdaq:MU) ('Micron') today applauded the Tokyo
District Court's order approving the submission of Elpida Memory Inc.'s
reorganization plan to creditors as part of Elpida's corporate reorganization
proceedings. Elpida's plan of reorganization calls for Micron to sponsor
Elpida's reorganization and provides for the combination of Elpida and Micron.
The Tokyo District court also confirmed that a competing plan of reorganization
proposed by certain of Elpida's creditors would not be submitted for creditor
approval.
'Micron is pleased with the Tokyo District Court's order to submit Elpida's
plan of reorganization to creditors for approval. This is an important step
forward in the reorganization process,' said Micron CEO Mark Durcan. 'The
combination of Micron and Elpida will create the world's second largest memory
company with the strongest product portfolio in the industry.'
The closing of the transaction remains subject to creditor approval and court
and regulatory approvals in other countries, and is expected to be completed in
the first half of calendar 2013.
About Micron
Micron Technology, Inc., is one of the world's leading providers of advanced
semiconductor solutions. Through its worldwide operations, Micron manufactures
and markets a full range of DRAM, NAND and NOR flash memory, as well as other
innovative memory technologies, packaging solutions and semiconductor systems
for use in leading-edge computing, consumer, networking, embedded and mobile
products. Micron's common stock is traded on the NASDAQ under the MU symbol. To
learn more about Micron Technology, Inc., visit www.micron.com.
The Micron Technology, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6950
Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. All
other trademarks are the property of their respective owners.
This press release contains forward-looking statements regarding future events
that involve risks and uncertainties. For example, statements related to the
size of the company created by combining Micron and Elpida and the strength of
the combined company's product portfolio, and the expected timing of the
closing of the transaction, are forward-looking statements. Various factors
could cause actual events or results to differ materially from those
anticipated by the forward-looking statements. These factors include the
possibility that the transactions do not close when expected or at all, or that
we may be required to modify aspects of the transactions to achieve regulatory
approval; that we are unable to maintain customers, successfully execute our
integration strategies, or achieve planned synergies; that we are unable to
accurately forecast the anticipated financial results of the combined business;
that our consolidated financial condition may be adversely impacted by the
increased leverage resulting from the transactions; that the combined business
is unable to compete successfully in the highly competitive and rapidly
changing memory market; that we are unable to retain employees that are key to
the operations of the combined business; and other factors that are disclosed
in our most recent Form 10-K including in the Risk Factors section under the
headings 'Our pending acquisitions of Elpida and Rexchip involve numerous
risks', 'Our pending acquisitions of Elpida and Rexchip expose us to
significant risks from changes in currency exchange rates', 'Debt obligations
could adversely affect our financial condition' and 'We may make future
acquisitions and/or alliances, which involve numerous risks.' These documents
contain and identify important factors that could cause the actual results for
Micron on a consolidated basis to differ materially from those contained in our
forward-looking statements. Although we believe that the expectations reflected
in the forward-looking statements are reasonable, we cannot guarantee future
results, levels of activity, performance or achievements.
CONTACT: Kipp Bedard
Micron Investor Relations
kbedard(at)micron.com
(208) 368-4465
Daniel Francisco
Micron Media Relations
dfrancisco(at)micron.com
(208) 368-5584
News Source: NASDAQ OMX
31.10.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Micron Technology, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US5951121038
WKN:
End of Announcement DGAP News-Service
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