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Cash-strapped ProMOS sells fab tools to TSMC, Powertech
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Taiwanese DRAM manufacturer ProMOS Technologies has sold semiconductor
fab equipment to TSMC and Powertech in an effort to raise cash, according to Reuters.
The company sold NT$798 million (US$24 million) worth of tools to Powertech, its packaging partner, after taking in NT$580 million (US$17.4 million) from TSMC in an earlier deal announced last week.
Amid DRAM sector woes, Reuters cites market concerns that ProMOS might not have the cash to pay back $330 million in convertible loans when they mature in mid-February.
Earlier this month, ProMOS reported that December sales had plunged 71% compared to 2007's results, with revenues for 2008 down 36% versus the previous year.