Memory technology licensor Rambus Inc. is in default on $160 million of convertible debt for failing to file its most recent quarterly report with the U.S. Securities and Exchange Commission (SEC) by the agency's deadline.

In a regulatory filing filed this week with the SEC, Rambus said the company received a notice on Sept. 8 of purported defaults from U.S. Bank National Association, the trustee for the company's zero coupon convertible senior notes due in 2010. Further, the notice said that if the company does not cure these purported defaults by Oct. 17, it would default on the debt and have to pay it back with interest.

For its part, Rambus said in the filing that it believes it is not in default under the terms of the debt, and maintained that it has until Nov. 7 to make the filing with the SEC. Additionally, Rambus said in the filing it believes that, if an event of default were to occur and the notes were accelerated, it has adequate financial resources to pay any unpaid principal, and any accrued, default or additional interest due on the notes.

This is not the first trouble Rambus is facing for failing to file its quarterly report on time with the SEC. Last month the company received a letter from Nasdaq threatening delisting for failing to file its Form 10-K to the SEC by deadline. Los Altos, Calif.-based Rambus said it would request a hearing before the Nasdaq Listings Qualification Panel, effectively staying any delisting pending the hearing.

Rambus -- just one of many companies that have had filings delayed pending internal investigations into historical stock options granting practices amidst Silicon Valley's current stock options shakedown -- received the notice because it failed to file its quarterly report on the Form 10-K for the period ended June 30 by the deadline. 

By: DocMemory
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