The Tokyo District Court has made an order approving Elpida Memory's reorganization plans to creditors, and also rejected a separate plan proposed by certain of Elpida's bondholders, according to the bankrupt Japan-based memory maker.

Micron Technology also filed a statement indicating that the company is pleased with the Tokyo District Court's order approving Elpida's reorganization, which calls for Micron to sponsor Elpida's reorganization and provides for the combination of Elpida and Micron. "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.

The closing of Micron's Elpida acquisition 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.

By: DocMemory
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