German chipmaker Qimonda declares bankruptcy
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German memory-chip maker Qimonda AG declared bankruptcy Friday, just a month after receiving a rescue package of millions of euros in loans. The administrative court in Munich, Qimonda’s base, confirmed media reports that the company had declared bankruptcy, but could provide no further details. Qimonda has more than 12,000 workers worldwide.
The company in December secured a rescue package of euro325 million ($421.98 million) in loans from government of Saxony, parent company Infineon and a Portuguese state bank in order to try and stave off bankruptcy. Makers of computer memory chips have been hit hard by falling prices and an oversupply of products. Infineon spun off Qimonda in 2006 but still holds a 77.5 percent stake.
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